BitMine Immersion Technologies (Ondo Tokenized Stock) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 17.7× the size of BitMine Immersion Technologies (Ondo Tokenized Stock) (BMNRON) by market capitalisation. Their daily returns move closely together (correlation 0.71 across 42 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against BMNRON's 80%.

Correlation: 0.71
Size ratio: 1 : 17.7

BitMine Immersion Technologies (Ondo Tokenized Stock)BMNRON

$19.9100

24h: +0.69%
Market cap: $7.42M
Volume 24h: $862,272
Volatility (ann.): 80%

MicroStrategy xStockMSTRX

$137.4900

24h: +4.92%
Market cap: $131.05M
Volume 24h: $2.75M
Volatility (ann.): 101%

BMNRON 5.4%Share of the two combined market caps94.6% MSTRX

Performance

BMNRONMSTRX

7 days-24.20%-3.45%MSTRX
30 days-19.16%+4.70%MSTRX
90 days+38.00%——

Correlation

0.71over 42 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7590d: 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	BMNRON	MSTRX
Max drawdown (400d)	-43.8%	-18.3%
Risk-adjusted return (90d)	0.41	0.30

Relative strength over 90 days: MSTRX outperformed BMNRON by 28.0% — measured on the BMNRON/MSTRX ratio, so it holds regardless of market direction.

BitMine Immersion Technologies (Ondo Tokenized Stock) →MicroStrategy xStock →