BitMine Immersion Technologies (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 19.9× the size of BitMine Immersion Technologies (Ondo Tokenized Stock) (BMNRON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 42 shared trading days). BMNRON has been the more volatile of the two, at 80% annualised against STRCX's 51%.

Correlation: -0.02
Size ratio: 1 : 19.9

BitMine Immersion Technologies (Ondo Tokenized Stock)BMNRON

$19.9100

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

Strategy PP Variable xStockSTRCX

$109.3300

24h: +0.18%
Market cap: $147.22M
Volume 24h: $596,482
Volatility (ann.): 51%

BMNRON 4.8%Share of the two combined market caps95.2% STRCX

Performance

BMNRONSTRCX

7 days-24.20%+5.41%STRCX
30 days-19.16%+3.05%STRCX
90 days+38.00%——

Correlation

-0.02over 42 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0890d: 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	STRCX
Max drawdown (400d)	-43.8%	-7.5%
Risk-adjusted return (90d)	0.41	0.16

Relative strength over 90 days: STRCX outperformed BMNRON by 0.1% — measured on the BMNRON/STRCX ratio, so it holds regardless of market direction.

BitMine Immersion Technologies (Ondo Tokenized Stock) →Strategy PP Variable xStock →