MicroStrategy xStock (MSTRX) is 53.4× the size of Alibaba (Ondo Tokenized Stock) (BABAON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 41 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against BABAON's 44%.
$100.3900
BABAONMSTRX
-0.06over 41 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 | BABAON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -50.2% | -18.3% |
| Risk-adjusted return (90d) | 0.08 | 0.30 |
| Best 30 days (past year) | +34.8% | — |
| Worst 30 days (past year) | -26.7% | — |
Relative strength over 90 days: MSTRX outperformed BABAON by 40.2% — measured on the BABAON/MSTRX ratio, so it holds regardless of market direction.