SpaceX (bStocks Tokenized Stock) (SPCXB) is 537901.3× the size of Western Digital aStock (AWDC) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 31 shared trading days). Both have run at a similar volatility, around 72% annualised.
$132.9400
AWDCSPCXB
0.36over 31 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 | AWDC | SPCXB |
|---|---|---|
| Max drawdown (400d) | -28.8% | -47.5% |
| Risk-adjusted return (90d) | -0.30 | 0.28 |
Relative strength over 90 days: SPCXB outperformed AWDC by 21.6% — measured on the AWDC/SPCXB ratio, so it holds regardless of market direction.