Coinbase (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 20.0× the size of Coinbase (Ondo Tokenized Stock) (COINON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 35 shared trading days). COINON has been the more volatile of the two, at 72% annualised against STRCX's 51%.

Correlation: -0.05
Size ratio: 1 : 20.0

Coinbase (Ondo Tokenized Stock)COINON

$142.8200

24h: +3.44%
Market cap: $7.38M
Volume 24h: $1.33M
Volatility (ann.): 72%

Strategy PP Variable xStockSTRCX

$109.3300

24h: +0.18%
Market cap: $147.22M
Volume 24h: $596,482
Volatility (ann.): 51%

COINON 4.8%Share of the two combined market caps95.2% STRCX

Performance

COINONSTRCX

7 days-5.06%+5.41%STRCX
30 days+7.21%+3.05%COINON
90 days+19.24%——
1 year-45.23%——

Correlation

-0.05over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1290d: 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	COINON	STRCX
Max drawdown (400d)	-63.3%	-7.5%
Risk-adjusted return (90d)	0.26	0.16

Relative strength over 90 days: COINON outperformed STRCX by 18.9% — measured on the COINON/STRCX ratio, so it holds regardless of market direction.

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