Applied Digital • Robinhood Token vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 7346.8× the size of Applied Digital • Robinhood Token (APLD) by market capitalisation. Over the past 30 days, MSTRX is ahead by 50.2 percentage points (APLD -39.3% against MSTRX +10.9%). Their daily returns move loosely together (correlation 0.38 across 20 shared trading days). Both have run at a similar volatility, around 101% annualised.

Correlation: 0.38
Size ratio: 1 : 7346.8
Ahead over 30 days: MSTRX

Applied Digital • Robinhood TokenAPLD

$16.7200

24h: —
Market cap: $16,877
Volume 24h: $30
Volatility (ann.): 100%

MicroStrategy xStockMSTRX

$128.0600

24h: -11.70%
Market cap: $123.99M
Volume 24h: $4.86M
Volatility (ann.): 101%

APLD 0.0%Share of the two combined market caps100.0% MSTRX

Performance

APLDMSTRX

7 days-18.77%+0.26%MSTRX
30 days-39.33%+10.88%MSTRX

Correlation

0.38over 20 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	APLD	MSTRX
Max drawdown (400d)	-39.3%	-18.3%
Risk-adjusted return (90d)	-0.36	0.38

Relative strength over 90 days: MSTRX outperformed APLD by 13.9% — measured on the APLD/MSTRX ratio, so it holds regardless of market direction.

Applied Digital • Robinhood Token →MicroStrategy xStock →