MicroStrategy xStock (MSTRX) is 157.0× the size of Bloom Energy (Ondo Tokenized) (BEON) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 35 shared trading days). BEON has been the more volatile of the two, at 118% annualised against MSTRX's 101%.
$209.0800
BEONMSTRX
0.17over 35 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 | BEON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -35.3% | -18.3% |
| Risk-adjusted return (90d) | 0.09 | 0.30 |
Relative strength over 90 days: MSTRX outperformed BEON by 11.5% — measured on the BEON/MSTRX ratio, so it holds regardless of market direction.