Applied Digital (Ondo Tokenized) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 815.4× the size of Applied Digital (Ondo Tokenized) (APLDON) by market capitalisation. Over the past 30 days, STRCX is ahead by 2.8 percentage points (APLDON +0.9% against STRCX +3.6%). Their daily returns move barely together (correlation 0.05 across 35 shared trading days). APLDON has been the more volatile of the two, at 68% annualised against STRCX's 51%.

Correlation: 0.05
Size ratio: 1 : 815.4
Ahead over 30 days: STRCX

Applied Digital (Ondo Tokenized)APLDON

$16.4600

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

Strategy PP Variable xStockSTRCX

$109.0500

24h: -0.49%
Market cap: $141.32M
Volume 24h: $604,227
Volatility (ann.): 51%

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

Performance

APLDONSTRCX

7 days-10.06%+0.05%STRCX
30 days+0.86%+3.64%STRCX

Correlation

0.05over 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	STRCX
Max drawdown (400d)	-24.8%	-7.5%
Risk-adjusted return (90d)	-0.17	0.16

Relative strength over 90 days: STRCX outperformed APLDON by 22.3% — measured on the APLDON/STRCX ratio, so it holds regardless of market direction.

Applied Digital (Ondo Tokenized) →Strategy PP Variable xStock →