MicroStrategy xStock (MSTRX) is 72.6× the size of IREN Limited (bStocks Tokenized Stock) (IRENB) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 55 shared trading days). Both have run at a similar volatility, around 95% annualised.
$23.0500
IRENBMSTRX
0.21over 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 | IRENB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -53.7% | -18.3% |
| Risk-adjusted return (90d) | -0.41 | 0.30 |
Relative strength over 90 days: MSTRX outperformed IRENB by 56.8% — measured on the IRENB/MSTRX ratio, so it holds regardless of market direction.