Astera Labs (Ondo Tokenized) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 1123.5× the size of Astera Labs (Ondo Tokenized) (ALABON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.33 across 35 shared trading days). ALABON has been the more volatile of the two, at 104% annualised against STRCX's 51%.

Correlation: -0.33
Size ratio: 1 : 1123.5

Astera Labs (Ondo Tokenized)ALABON

$216.8800

24h: -2.48%
Market cap: $126,199
Volume 24h: $204,004
Volatility (ann.): 104%

Strategy PP Variable xStockSTRCX

$109.3900

24h: +0.06%
Market cap: $141.78M
Volume 24h: $406,697
Volatility (ann.): 51%

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

Performance

ALABONSTRCX

7 days+1.26%+0.05%ALABON
30 days+19.96%+3.64%ALABON
90 days-12.27%——

Correlation

-0.33over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3490d: 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	ALABON	STRCX
Max drawdown (400d)	-39.7%	-7.5%
Risk-adjusted return (90d)	-0.12	0.16

Relative strength over 90 days: ALABON outperformed STRCX by 1.4% — measured on the ALABON/STRCX ratio, so it holds regardless of market direction.

Astera Labs (Ondo Tokenized) →Strategy PP Variable xStock →