MicroStrategy xStock (MSTRX) is 16.1× the size of Amazon (Ondo Tokenized Stock) (AMZNON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.16 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against AMZNON's 37%.
$246.6800
AMZNONMSTRX
-0.16over 35 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 | AMZNON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -22.0% | -18.3% |
| Risk-adjusted return (90d) | 0.07 | 0.30 |
Relative strength over 90 days: MSTRX outperformed AMZNON by 38.4% — measured on the AMZNON/MSTRX ratio, so it holds regardless of market direction.