Strategy PP Variable xStock (STRCX) is 154.6× the size of Baidu (Ondo Tokenized Stock) (BIDUON) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 37 shared trading days). Both have run at a similar volatility, around 50% annualised.
$76.8400
$109.4400
BIDUONSTRCX
0.17over 37 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 | BIDUON | STRCX |
|---|---|---|
| Max drawdown (400d) | -50.4% | -7.5% |
| Risk-adjusted return (90d) | -0.71 | 0.16 |
Relative strength over 90 days: STRCX outperformed BIDUON by 29.6% — measured on the BIDUON/STRCX ratio, so it holds regardless of market direction.