SpaceX (bStocks Tokenized Stock) (SPCXB) is 37.5× the size of TSMC xStock (TSMX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 39 shared trading days). TSMX has been the more volatile of the two, at 314% annualised against SPCXB's 71%.
$132.5500
TSMXSPCXB
-0.04over 39 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 | TSMX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -47.7% | -47.5% |
| Risk-adjusted return (90d) | -0.15 | 0.45 |
Relative strength over 90 days: SPCXB outperformed TSMX by 46.4% — measured on the TSMX/SPCXB ratio, so it holds regardless of market direction.