SpaceX (bStocks Tokenized Stock) (SPCXB) is 272.0× the size of Uber xStock (UBERX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.00 across 33 shared trading days). UBERX has been the more volatile of the two, at 826% annualised against SPCXB's 71%.
$130.8800
UBERXSPCXB
-0.00over 33 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 | UBERX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -66.4% | -47.5% |
| Risk-adjusted return (90d) | -0.02 | 0.45 |
Relative strength over 90 days: SPCXB outperformed UBERX by 13.9% — measured on the UBERX/SPCXB ratio, so it holds regardless of market direction.