Strategy PP Variable xStock (STRCX) is 366.8× the size of D-Wave Quantum (Ondo Tokenized Stock) (QBTSON) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 38 shared trading days). QBTSON has been the more volatile of the two, at 553% annualised against STRCX's 51%.
$10.1200
$109.6300
QBTSONSTRCX
0.14over 38 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 | QBTSON | STRCX |
|---|---|---|
| Max drawdown (400d) | -80.5% | -7.5% |
| Risk-adjusted return (90d) | -0.08 | 0.16 |
Relative strength over 90 days: STRCX outperformed QBTSON by 54.6% — measured on the QBTSON/STRCX ratio, so it holds regardless of market direction.