SpaceX (bStocks Tokenized Stock) (SPCXB) is 6694.3× the size of Workday • Robinhood Token (WDAY) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 28 shared trading days). SPCXB has been the more volatile of the two, at 73% annualised against WDAY's 38%.
$128.7100
WDAYSPCXB
0.06over 28 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 | WDAY | SPCXB |
|---|---|---|
| Max drawdown (400d) | -6.7% | -47.5% |
| Risk-adjusted return (90d) | 0.16 | -0.15 |
Relative strength over 90 days: WDAY outperformed SPCXB by 28.8% — measured on the WDAY/SPCXB ratio, so it holds regardless of market direction.