MicroStrategy xStock (MSTRX) is 120.6× the size of CoreWeave (Ondo Tokenized) (CRWVON) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 36 shared trading days). Both have run at a similar volatility, around 100% annualised.
$51.3900
CRWVONMSTRX
0.09over 36 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 | CRWVON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -54.5% | -18.3% |
| Risk-adjusted return (90d) | -0.02 | 0.30 |
Relative strength over 90 days: MSTRX outperformed CRWVON by 28.1% — measured on the CRWVON/MSTRX ratio, so it holds regardless of market direction.