Strategy PP Variable xStock (STRCX) is 630.0× the size of MARA Holdings (Ondo Tokenized Stock) (MARAON) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 37 shared trading days). MARAON has been the more volatile of the two, at 109% annualised against STRCX's 51%.
$6.9100
$109.7900
MARAONSTRCX
0.08over 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 | STRCX |
|---|---|---|
| Max drawdown (400d) | -53.6% | -7.5% |
| Risk-adjusted return (90d) | -0.32 | 0.16 |
Relative strength over 90 days: STRCX outperformed MARAON by 30.6% — measured on the MARAON/STRCX ratio, so it holds regardless of market direction.