MicroStrategy xStock (MSTRX) is 76481.6× the size of FuelCell Energy (Ondo Tokenized) (FCELON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 35 shared trading days). FCELON has been the more volatile of the two, at 129% annualised against MSTRX's 101%.
$11.1100
FCELONMSTRX
-0.04over 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 | FCELON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -38.7% | -18.3% |
| Risk-adjusted return (90d) | -0.22 | 0.38 |
Relative strength over 90 days: MSTRX outperformed FCELON by 47.1% — measured on the FCELON/MSTRX ratio, so it holds regardless of market direction.