MicroStrategy xStock (MSTRX) is 148.2× the size of IBM (bStocks Tokenized Stock) (IBMB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 55 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against IBMB's 30%.
$254.4400
IBMBMSTRX
-0.01over 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 | IBMB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -11.3% | -18.3% |
| Risk-adjusted return (90d) | 0.22 | 0.30 |
Relative strength over 90 days: MSTRX outperformed IBMB by 19.7% — measured on the IBMB/MSTRX ratio, so it holds regardless of market direction.