MicroStrategy xStock (MSTRX) is 16375.5× the size of Amgen (Ondo Tokenized Stock) (AMGNON) by market capitalisation. Their daily returns move loosely together (correlation 0.53 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against AMGNON's 28%.
$486.3100
AMGNONMSTRX
0.53over 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 | AMGNON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -15.3% | -18.3% |
| Risk-adjusted return (90d) | 0.48 | 0.38 |
Relative strength over 90 days: MSTRX outperformed AMGNON by 37.5% — measured on the AMGNON/MSTRX ratio, so it holds regardless of market direction.