Applied Materials (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 288.2× the size of Applied Materials (Ondo Tokenized Stock) (AMATON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.33 across 35 shared trading days). AMATON has been the more volatile of the two, at 65% annualised against STRCX's 51%.

Correlation: -0.33
Size ratio: 1 : 288.2

Applied Materials (Ondo Tokenized Stock)AMATON

$370.7200

24h: -3.17%
Market cap: $511,250
Volume 24h: $820,680
Volatility (ann.): 65%

Strategy PP Variable xStockSTRCX

$109.4400

24h: +0.45%
Market cap: $147.36M
Volume 24h: $592,243
Volatility (ann.): 51%

AMATON 0.3%Share of the two combined market caps99.7% STRCX

Performance

AMATONSTRCX

7 days+1.10%+5.41%STRCX
30 days+2.36%+3.05%STRCX
90 days-34.81%——

Correlation

-0.33over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3590d: 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	AMATON	STRCX
Max drawdown (400d)	-42.1%	-7.5%
Risk-adjusted return (90d)	-0.49	0.16

Relative strength over 90 days: STRCX outperformed AMATON by 16.8% — measured on the AMATON/STRCX ratio, so it holds regardless of market direction.

Applied Materials (Ondo Tokenized Stock) →Strategy PP Variable xStock →