Applied Optoelectronics (Ondo Tokenized) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 670.5× the size of Applied Optoelectronics (Ondo Tokenized) (AAOION) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.25 across 35 shared trading days). AAOION has been the more volatile of the two, at 130% annualised against MSTRX's 101%.

Correlation: -0.25
Size ratio: 1 : 670.5

Applied Optoelectronics (Ondo Tokenized)AAOION

$58.9000

24h: -5.99%
Market cap: $206,738
Volume 24h: $549,354
Volatility (ann.): 130%

MicroStrategy xStockMSTRX

$143.5600

24h: +6.10%
Market cap: $138.62M
Volume 24h: $3.79M
Volatility (ann.): 101%

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

Performance

AAOIONMSTRX

7 days-10.88%+0.26%MSTRX
30 days-6.83%+10.88%MSTRX
90 days-32.68%——

Correlation

-0.25over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2490d: 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	AAOION	MSTRX
Max drawdown (400d)	-54.6%	-18.3%
Risk-adjusted return (90d)	-0.25	0.38

Relative strength over 90 days: MSTRX outperformed AAOION by 47.8% — measured on the AAOION/MSTRX ratio, so it holds regardless of market direction.

Applied Optoelectronics (Ondo Tokenized) →MicroStrategy xStock →