MicroStrategy xStock (MSTRX) is 31.0× the size of Alibaba (bStocks Tokenized Stock) (BABAB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.27 across 55 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against BABAB's 37%.
$105.3000
BABABMSTRX
-0.27over 55 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 | BABAB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -25.9% | -18.3% |
| Risk-adjusted return (90d) | -0.59 | 0.30 |
Relative strength over 90 days: MSTRX outperformed BABAB by 40.6% — measured on the BABAB/MSTRX ratio, so it holds regardless of market direction.