SpaceX (bStocks Tokenized Stock) (SPCXB) is 2946.0× the size of Waterdrop Inc aStock (AWDH) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 26 shared trading days). AWDH has been the more volatile of the two, at 131% annualised against SPCXB's 73%.
$144.7500
AWDHSPCXB
-0.03over 26 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 | AWDH | SPCXB |
|---|---|---|
| Max drawdown (400d) | -21.3% | -47.5% |
| Risk-adjusted return (90d) | 0.00 | 0.50 |
Relative strength over 90 days: SPCXB outperformed AWDH by 5.2% — measured on the AWDH/SPCXB ratio, so it holds regardless of market direction.