MicroStrategy xStock (MSTRX) is 61.9× the size of IREN (Ondo Tokenized Stock) (IRENON) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 43 shared trading days). IRENON has been the more volatile of the two, at 124% annualised against MSTRX's 101%.
$23.2200
IRENONMSTRX
0.24over 43 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 | IRENON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -65.2% | -18.3% |
| Risk-adjusted return (90d) | -0.33 | 0.30 |
Relative strength over 90 days: MSTRX outperformed IRENON by 58.5% — measured on the IRENON/MSTRX ratio, so it holds regardless of market direction.