MicroStrategy xStock (MSTRX) is 451.0× the size of Cerebras Systems (Ondo Tokenized) (CBRSON) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 44 shared trading days). CBRSON has been the more volatile of the two, at 135% annualised against MSTRX's 101%.
$90.5600
CBRSONMSTRX
0.30over 44 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 | CBRSON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -63.4% | -18.3% |
| Risk-adjusted return (90d) | -0.39 | 0.38 |
Relative strength over 90 days: MSTRX outperformed CBRSON by 69.4% — measured on the CBRSON/MSTRX ratio, so it holds regardless of market direction.