MicroStrategy xStock (MSTRX) is 4140.1× the size of Keel Infrastructure (Ondo Tokenized) (KEELON) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 35 shared trading days). Both have run at a similar volatility, around 108% annualised.
$2.1500
KEELONMSTRX
0.18over 35 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 | KEELON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -49.3% | -18.3% |
| Risk-adjusted return (90d) | -0.30 | 0.38 |
Relative strength over 90 days: MSTRX outperformed KEELON by 25.2% — measured on the KEELON/MSTRX ratio, so it holds regardless of market direction.