Constellation Energy (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 192.5× the size of Constellation Energy (Ondo Tokenized Stock) (CEGON) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 35 shared trading days). Both have run at a similar volatility, around 48% annualised.

Correlation: 0.02
Size ratio: 1 : 192.5

Constellation Energy (Ondo Tokenized Stock)CEGON

$260.7800

24h: +0.43%
Market cap: $764,909
Volume 24h: $156,223
Volatility (ann.): 44%

Strategy PP Variable xStockSTRCX

$109.3300

24h: +0.47%
Market cap: $147.21M
Volume 24h: $594,635
Volatility (ann.): 51%

CEGON 0.5%Share of the two combined market caps99.5% STRCX

Performance

CEGONSTRCX

7 days-0.79%+5.41%STRCX
30 days-5.82%+3.05%STRCX
90 days+4.84%——

Correlation

0.02over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0390d: 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	CEGON	STRCX
Max drawdown (400d)	-29.7%	-7.5%
Risk-adjusted return (90d)	0.14	0.16

Relative strength over 90 days: STRCX outperformed CEGON by 11.9% — measured on the CEGON/STRCX ratio, so it holds regardless of market direction.

Constellation Energy (Ondo Tokenized Stock) →Strategy PP Variable xStock →