MicroStrategy xStock (MSTRX) is 136.3× the size of Fluence Energy (bStocks Tokenized Stock) (FLNCB) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 55 shared trading days). Both have run at a similar volatility, around 105% annualised.
$6.2900
FLNCBMSTRX
0.39over 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 | FLNCB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -66.8% | -18.3% |
| Risk-adjusted return (90d) | -0.57 | 0.30 |
Relative strength over 90 days: MSTRX outperformed FLNCB by 65.2% — measured on the FLNCB/MSTRX ratio, so it holds regardless of market direction.