SpaceX (bStocks Tokenized Stock) (SPCXB) is 393.1× the size of TON xStock (TONXX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 25 shared trading days). TONXX has been the more volatile of the two, at 127% annualised against SPCXB's 71%.
$132.6000
TONXXSPCXB
-0.10over 25 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | TONXX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -13.8% | -47.5% |
| Risk-adjusted return (90d) | 0.03 | 0.45 |
Relative strength over 90 days: SPCXB outperformed TONXX by 1.7% — measured on the TONXX/SPCXB ratio, so it holds regardless of market direction.