MicroStrategy xStock (MSTRX) is 158.2× the size of Dell (bStocks Tokenized Stock) (DELLB) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 55 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against DELLB's 72%.
$413.4300
DELLBMSTRX
0.32over 55 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 | DELLB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -33.0% | -18.3% |
| Risk-adjusted return (90d) | -0.15 | 0.30 |
Relative strength over 90 days: MSTRX outperformed DELLB by 28.0% — measured on the DELLB/MSTRX ratio, so it holds regardless of market direction.