MicroStrategy xStock (MSTRX) is 6.6× the size of Alphabet Class A (Ondo Tokenized Stock) (GOOGLON) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 43 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against GOOGLON's 35%.
$277.0700
GOOGLONMSTRX
0.25over 43 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 | GOOGLON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -29.9% | -18.3% |
| Risk-adjusted return (90d) | -0.50 | 0.30 |
| Best 30 days (past year) | +37.7% | — |
| Worst 30 days (past year) | -17.5% | — |
Relative strength over 90 days: MSTRX outperformed GOOGLON by 36.5% — measured on the GOOGLON/MSTRX ratio, so it holds regardless of market direction.