MicroStrategy xStock (MSTRX) is 613.7× the size of MARA Holdings (Ondo Tokenized Stock) (MARAON) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 37 shared trading days). Both have run at a similar volatility, around 105% annualised.
$6.9100
MARAONMSTRX
0.13over 37 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 | MARAON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -53.6% | -18.3% |
| Risk-adjusted return (90d) | -0.32 | 0.38 |
Relative strength over 90 days: MSTRX outperformed MARAON by 47.9% — measured on the MARAON/MSTRX ratio, so it holds regardless of market direction.