MicroStrategy xStock (MSTRX) is 133.9× the size of Chipotle (Ondo Tokenized Stock) (CMGON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 38 shared trading days). Both have run at a similar volatility, around 98% annualised.
$33.1200
CMGONMSTRX
-0.24over 38 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 | CMGON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -32.9% | -18.3% |
| Risk-adjusted return (90d) | 0.00 | 0.30 |
Relative strength over 90 days: MSTRX outperformed CMGON by 25.6% — measured on the CMGON/MSTRX ratio, so it holds regardless of market direction.