Strategy PP Variable xStock (STRCX) is 293.6× the size of Ciena (Ondo Tokenized) (CIENON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 35 shared trading days). CIENON has been the more volatile of the two, at 83% annualised against STRCX's 51%.
$268.1000
$109.7500
CIENONSTRCX
-0.11over 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 | CIENON | STRCX |
|---|---|---|
| Max drawdown (400d) | -32.0% | -7.5% |
| Risk-adjusted return (90d) | -0.24 | 0.16 |
Relative strength over 90 days: STRCX outperformed CIENON by 26.6% — measured on the CIENON/STRCX ratio, so it holds regardless of market direction.