Linde plc (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 86.6× the size of Linde plc (Ondo Tokenized Stock) (LINON) by market capitalisation. Over the past 30 days, STRCX is ahead by 6.1 percentage points (LINON -3.1% against STRCX +3.0%). Their daily returns move barely together (correlation 0.01 across 20 shared trading days). LINON has been the more volatile of the two, at 59% annualised against STRCX's 51%.

Correlation: 0.01
Size ratio: 1 : 86.6
Ahead over 30 days: STRCX

Linde plc (Ondo Tokenized Stock)LINON

$523.8200

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

Strategy PP Variable xStockSTRCX

$109.4400

24h: +0.45%
Market cap: $147.36M
Volume 24h: $592,243
Volatility (ann.): 51%

LINON 1.1%Share of the two combined market caps98.9% STRCX

Performance

LINONSTRCX

7 days+2.61%+5.41%STRCX
30 days-3.07%+3.05%STRCX

Correlation

0.01over 20 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	STRCX
Max drawdown (400d)	-14.4%	-7.5%
Risk-adjusted return (90d)	-0.05	0.16

Relative strength over 90 days: STRCX outperformed LINON by 6.4% — measured on the LINON/STRCX ratio, so it holds regardless of market direction.

Linde plc (Ondo Tokenized Stock) →Strategy PP Variable xStock →