Chipotle (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 144.4× the size of Chipotle (Ondo Tokenized Stock) (CMGON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 38 shared trading days). CMGON has been the more volatile of the two, at 95% annualised against STRCX's 51%.

Correlation: -0.01
Size ratio: 1 : 144.4

Chipotle (Ondo Tokenized Stock)CMGON

$33.1200

24h: +1.06%
Market cap: $1.02M
Volume 24h: $149,732
Volatility (ann.): 95%

Strategy PP Variable xStockSTRCX

$109.5700

24h: +3.17%
Market cap: $147.56M
Volume 24h: $572,470
Volatility (ann.): 51%

CMGON 0.7%Share of the two combined market caps99.3% STRCX

Performance

CMGONSTRCX

7 days+9.34%+5.41%CMGON
30 days-6.42%+3.05%STRCX
90 days-0.51%——

Correlation

-0.01over 38 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0190d: 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	CMGON	STRCX
Max drawdown (400d)	-32.9%	-7.5%
Risk-adjusted return (90d)	0.00	0.16

Relative strength over 90 days: CMGON outperformed STRCX by 1.1% — measured on the CMGON/STRCX ratio, so it holds regardless of market direction.

Chipotle (Ondo Tokenized Stock) →Strategy PP Variable xStock →