SpaceX (bStocks Tokenized Stock) (SPCXB) is 2847.9× the size of USA Rare Earth (Ondo Tokenized) (USARON) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 54 shared trading days). USARON has been the more volatile of the two, at 84% annualised against SPCXB's 71%.
$8.1500
$124.3500
USARONSPCXB
0.26over 54 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 | USARON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -27.0% | -47.5% |
| Risk-adjusted return (90d) | -0.19 | 0.28 |
Relative strength over 90 days: SPCXB outperformed USARON by 34.3% — measured on the USARON/SPCXB ratio, so it holds regardless of market direction.