Applied Optoelectronics (Ondo Tokenized) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 688.0× the size of Applied Optoelectronics (Ondo Tokenized) (AAOION) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 35 shared trading days). AAOION has been the more volatile of the two, at 130% annualised against STRCX's 51%.

Correlation: 0.03
Size ratio: 1 : 688.0

Applied Optoelectronics (Ondo Tokenized)AAOION

$58.9000

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

Strategy PP Variable xStockSTRCX

$109.7500

24h: +0.05%
Market cap: $142.24M
Volume 24h: $498,321
Volatility (ann.): 51%

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

Performance

AAOIONSTRCX

7 days-10.88%+0.05%STRCX
30 days-6.83%+3.64%STRCX
90 days-32.68%——

Correlation

0.03over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0390d: 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	STRCX
Max drawdown (400d)	-54.6%	-7.5%
Risk-adjusted return (90d)	-0.25	0.16

Relative strength over 90 days: STRCX outperformed AAOION by 39.7% — measured on the AAOION/STRCX ratio, so it holds regardless of market direction.

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