MicroStrategy xStock (MSTRX) is 8869.6× the size of Coupang (Ondo Tokenized Stock) (CPNGON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.35 across 35 shared trading days). MSTRX has been the more volatile of the two, at 105% annualised against CPNGON's 48%.
$16.6300
CPNGONMSTRX
-0.35over 35 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 | CPNGON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -36.5% | -20.7% |
| Risk-adjusted return (90d) | -0.58 | 0.21 |
Relative strength over 90 days: MSTRX outperformed CPNGON by 45.6% — measured on the CPNGON/MSTRX ratio, so it holds regardless of market direction.