D-Wave Quantum (Ondo Tokenized Stock) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 356.9× the size of D-Wave Quantum (Ondo Tokenized Stock) (QBTSON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.23 across 38 shared trading days). QBTSON has been the more volatile of the two, at 553% annualised against MSTRX's 101%.

Correlation: -0.23
Size ratio: 1 : 356.9

D-Wave Quantum (Ondo Tokenized Stock)QBTSON

$10.1200

24h: -1.13%
Market cap: $387,250
Volume 24h: $795,817
Volatility (ann.): 553%

MicroStrategy xStockMSTRX

$143.6000

24h: +5.31%
Market cap: $138.21M
Volume 24h: $4.14M
Volatility (ann.): 101%

QBTSON 0.3%Share of the two combined market caps99.7% MSTRX

Performance

QBTSONMSTRX

7 days-41.40%-3.45%MSTRX
30 days-38.62%+4.70%MSTRX
90 days-54.78%——

Correlation

-0.23over 38 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2390d: 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	QBTSON	MSTRX
Max drawdown (400d)	-80.5%	-18.3%
Risk-adjusted return (90d)	-0.08	0.30

Relative strength over 90 days: MSTRX outperformed QBTSON by 59.9% — measured on the QBTSON/MSTRX ratio, so it holds regardless of market direction.

D-Wave Quantum (Ondo Tokenized Stock) →MicroStrategy xStock →