Enphase Energy (Ondo Tokenized) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 192.2× the size of Enphase Energy (Ondo Tokenized) (ENPHON) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 35 shared trading days). ENPHON has been the more volatile of the two, at 85% annualised against STRCX's 51%.

Correlation: 0.31
Size ratio: 1 : 192.2

Enphase Energy (Ondo Tokenized)ENPHON

$30.7300

24h: +9.26%
Market cap: $738,920
Volume 24h: $159,093
Volatility (ann.): 85%

Strategy PP Variable xStockSTRCX

$109.6100

24h: +0.17%
Market cap: $142.01M
Volume 24h: $502,104
Volatility (ann.): 51%

ENPHON 0.5%Share of the two combined market caps99.5% STRCX

Performance

ENPHONSTRCX

7 days-6.83%+0.05%STRCX
30 days-13.98%+3.64%STRCX
90 days-34.86%——

Correlation

0.31over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2990d: 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	ENPHON	STRCX
Max drawdown (400d)	-55.8%	-7.5%
Risk-adjusted return (90d)	-0.60	0.16

Relative strength over 90 days: STRCX outperformed ENPHON by 22.0% — measured on the ENPHON/STRCX ratio, so it holds regardless of market direction.

Enphase Energy (Ondo Tokenized) →Strategy PP Variable xStock →