MicroStrategy xStock (MSTRX) is 53.6× the size of AST SpaceMobile (Ondo Tokenized) (ASTSON) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 35 shared trading days). Both have run at a similar volatility, around 105% annualised.
$35.3700
ASTSONMSTRX
0.23over 35 shared trading days
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.
| Metric | ASTSON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -59.3% | -18.3% |
| Risk-adjusted return (90d) | -0.36 | 0.38 |
Relative strength over 90 days: MSTRX outperformed ASTSON by 40.4% — measured on the ASTSON/MSTRX ratio, so it holds regardless of market direction.