BitGo Holdings (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 273.4× the size of BitGo Holdings (Ondo Tokenized Stock) (BTGOON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 35 shared trading days). BTGOON has been the more volatile of the two, at 96% annualised against STRCX's 51%.

Correlation: -0.04
Size ratio: 1 : 273.4

BitGo Holdings (Ondo Tokenized Stock)BTGOON

$5.5000

24h: +2.54%
Market cap: $520,273
Volume 24h: $80,408
Volatility (ann.): 96%

Strategy PP Variable xStockSTRCX

$109.7300

24h: +0.14%
Market cap: $142.25M
Volume 24h: $501,003
Volatility (ann.): 51%

BTGOON 0.4%Share of the two combined market caps99.6% STRCX

Performance

BTGOONSTRCX

7 days-5.67%+0.05%STRCX
30 days+16.76%+3.64%BTGOON
90 days+47.22%——

Correlation

-0.04over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1190d: 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	BTGOON	STRCX
Max drawdown (400d)	-66.3%	-7.5%
Risk-adjusted return (90d)	0.58	0.16

Relative strength over 90 days: BTGOON outperformed STRCX by 30.8% — measured on the BTGOON/STRCX ratio, so it holds regardless of market direction.

BitGo Holdings (Ondo Tokenized Stock) →Strategy PP Variable xStock →