IBM (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 55.8× the size of IBM (Ondo Tokenized Stock) (IBMON) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 35 shared trading days). Both have run at a similar volatility, around 52% annualised.

Correlation: 0.30
Size ratio: 1 : 55.8

IBM (Ondo Tokenized Stock)IBMON

$252.8200

24h: -1.75%
Market cap: $2.65M
Volume 24h: $1.09M
Volatility (ann.): 52%

Strategy PP Variable xStockSTRCX

$109.5500

24h: +3.31%
Market cap: $147.51M
Volume 24h: $577,934
Volatility (ann.): 51%

IBMON 1.8%Share of the two combined market caps98.2% STRCX

Performance

IBMONSTRCX

7 days-2.65%+5.41%STRCX
30 days-4.29%+3.05%STRCX
90 days-19.47%——
1 year-25.23%——

Correlation

0.30over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3090d: 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	IBMON	STRCX
Max drawdown (400d)	-36.9%	-7.5%
Risk-adjusted return (90d)	-0.34	0.16

Relative strength over 90 days: STRCX outperformed IBMON by 7.4% — measured on the IBMON/STRCX ratio, so it holds regardless of market direction.

IBM (Ondo Tokenized Stock) →Strategy PP Variable xStock →