CoreWeave (Ondo Tokenized) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 134.6× the size of CoreWeave (Ondo Tokenized) (CRWVON) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 36 shared trading days). CRWVON has been the more volatile of the two, at 100% annualised against STRCX's 51%.

Correlation: 0.06
Size ratio: 1 : 134.6

CoreWeave (Ondo Tokenized)CRWVON

$51.3900

24h: +0.63%
Market cap: $1.09M
Volume 24h: $1.02M
Volatility (ann.): 100%

Strategy PP Variable xStockSTRCX

$109.4400

24h: +0.45%
Market cap: $147.36M
Volume 24h: $592,243
Volatility (ann.): 51%

CRWVON 0.7%Share of the two combined market caps99.3% STRCX

Performance

CRWVONSTRCX

7 days-3.30%+5.41%STRCX
30 days+1.28%+3.05%STRCX
90 days-1.83%——

Correlation

0.06over 36 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0490d: 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	CRWVON	STRCX
Max drawdown (400d)	-54.5%	-7.5%
Risk-adjusted return (90d)	-0.02	0.16

Relative strength over 90 days: STRCX outperformed CRWVON by 20.8% — measured on the CRWVON/STRCX ratio, so it holds regardless of market direction.

CoreWeave (Ondo Tokenized) →Strategy PP Variable xStock →