Linde plc (Ondo Tokenized Stock) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 76.0× the size of Linde plc (Ondo Tokenized Stock) (LINON) by market capitalisation. Over the past 30 days, MSTRX is ahead by 7.8 percentage points (LINON -3.1% against MSTRX +4.7%). Their daily returns move barely together (correlation 0.20 across 22 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against LINON's 59%.

Correlation: 0.20
Size ratio: 1 : 76.0
Ahead over 30 days: MSTRX

Linde plc (Ondo Tokenized Stock)LINON

$523.8200

24h: -1.92%
Market cap: $1.70M
Volume 24h: $46
Volatility (ann.): 59%

MicroStrategy xStockMSTRX

$136.1500

24h: +2.03%
Market cap: $129.34M
Volume 24h: $2.95M
Volatility (ann.): 101%

LINON 1.3%Share of the two combined market caps98.7% MSTRX

Performance

LINONMSTRX

7 days+2.61%-3.45%LINON
30 days-3.07%+4.70%MSTRX

Correlation

0.20over 22 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	LINON	MSTRX
Max drawdown (400d)	-14.4%	-18.3%
Risk-adjusted return (90d)	-0.05	0.30

Relative strength over 90 days: MSTRX outperformed LINON by 18.4% — measured on the LINON/MSTRX ratio, so it holds regardless of market direction.

Linde plc (Ondo Tokenized Stock) →MicroStrategy xStock →