MicroStrategy xStock (MSTRX) is 138.3× the size of Eaton (Ondo Tokenized) (ETNON) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against ETNON's 44%.
$386.8800
ETNONMSTRX
0.15over 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 | ETNON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -16.1% | -18.3% |
| Risk-adjusted return (90d) | 0.04 | 0.30 |
Relative strength over 90 days: MSTRX outperformed ETNON by 32.5% — measured on the ETNON/MSTRX ratio, so it holds regardless of market direction.