MicroStrategy xStock (MSTRX) is 167.9× the size of Futu Holdings (Ondo Tokenized Stock) (FUTUON) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 38 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against FUTUON's 61%.
$103.3100
FUTUONMSTRX
0.31over 38 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 | FUTUON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -54.3% | -18.3% |
| Risk-adjusted return (90d) | 0.07 | 0.30 |
| Best 30 days (past year) | +26.1% | — |
| Worst 30 days (past year) | -45.5% | — |
Relative strength over 90 days: MSTRX outperformed FUTUON by 30.2% — measured on the FUTUON/MSTRX ratio, so it holds regardless of market direction.