MicroStrategy xStock (MSTRX) is 171.9× the size of Lumentum Holdings (Ondo Tokenized) (LITEON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.13 across 35 shared trading days). Both have run at a similar volatility, around 100% annualised.
$658.8600
LITEONMSTRX
-0.13over 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 | LITEON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -33.3% | -18.3% |
| Risk-adjusted return (90d) | 0.07 | 0.30 |
Relative strength over 90 days: MSTRX outperformed LITEON by 27.7% — measured on the LITEON/MSTRX ratio, so it holds regardless of market direction.