MicroStrategy xStock (MSTRX) is 8.0× the size of Coinbase (bStocks Tokenized Stock) (COINB) by market capitalisation. Their daily returns move closely together (correlation 0.63 across 55 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against COINB's 70%.
$144.6900
COINBMSTRX
0.63over 55 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 | COINB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -32.0% | -18.3% |
| Risk-adjusted return (90d) | -0.04 | 0.30 |
Relative strength over 90 days: MSTRX outperformed COINB by 33.1% — measured on the COINB/MSTRX ratio, so it holds regardless of market direction.