Applied Digital (Ondo Tokenized) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 731.5× the size of Applied Digital (Ondo Tokenized) (APLDON) by market capitalisation. Over the past 30 days, MSTRX is ahead by 10.0 percentage points (APLDON +0.9% against MSTRX +10.9%). Their daily returns move barely together (correlation 0.01 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against APLDON's 68%.

Correlation: 0.01
Size ratio: 1 : 731.5
Ahead over 30 days: MSTRX

Applied Digital (Ondo Tokenized)APLDON

$16.4600

24h: -4.11%
Market cap: $173,324
Volume 24h: $152,668
Volatility (ann.): 68%

MicroStrategy xStockMSTRX

$131.0000

24h: -9.56%
Market cap: $126.79M
Volume 24h: $3.18M
Volatility (ann.): 101%

APLDON 0.1%Share of the two combined market caps99.9% MSTRX

Performance

APLDONMSTRX

7 days-10.06%+0.26%MSTRX
30 days+0.86%+10.88%MSTRX

Correlation

0.01over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0490d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	APLDON	MSTRX
Max drawdown (400d)	-24.8%	-18.3%
Risk-adjusted return (90d)	-0.17	0.38

Relative strength over 90 days: MSTRX outperformed APLDON by 40.4% — measured on the APLDON/MSTRX ratio, so it holds regardless of market direction.

Applied Digital (Ondo Tokenized) →MicroStrategy xStock →