MicroStrategy xStock (MSTRX) is 187.7× the size of Enphase Energy (Ondo Tokenized) (ENPHON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against ENPHON's 85%.
$30.7300
ENPHONMSTRX
-0.08over 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 | ENPHON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -55.8% | -18.3% |
| Risk-adjusted return (90d) | -0.60 | 0.30 |
Relative strength over 90 days: MSTRX outperformed ENPHON by 46.1% — measured on the ENPHON/MSTRX ratio, so it holds regardless of market direction.