ConocoPhillips (Ondo Tokenized Stock) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 4620.7× the size of ConocoPhillips (Ondo Tokenized Stock) (COPON) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.40 across 35 shared trading days). MSTRX has been the more volatile of the two, at 105% annualised against COPON's 33%.

Correlation: -0.40
Size ratio: 1 : 4620.7

ConocoPhillips (Ondo Tokenized Stock)COPON

$137.3700

24h: -1.09%
Market cap: $27,290
Volume 24h: $483,049
Volatility (ann.): 33%

MicroStrategy xStockMSTRX

$129.4700

24h: -10.70%
Market cap: $126.10M
Volume 24h: $5.31M
Volatility (ann.): 105%

COPON 0.0%Share of the two combined market caps100.0% MSTRX

Performance

COPONMSTRX

7 days+0.62%-5.57%COPON
30 days-1.83%-6.73%COPON
90 days+23.40%——

Correlation

-0.40over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.5290d: 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	COPON	MSTRX
Max drawdown (400d)	-22.4%	-20.7%
Risk-adjusted return (90d)	0.69	0.21

Relative strength over 90 days: MSTRX outperformed COPON by 34.6% — measured on the COPON/MSTRX ratio, so it holds regardless of market direction.

ConocoPhillips (Ondo Tokenized Stock) →MicroStrategy xStock →