MicroStrategy xStock (MSTRX) is 13.6× the size of Marvell Technology (Ondo Tokenized Stock) (MRVLON) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 35 shared trading days). Both have run at a similar volatility, around 97% annualised.
$166.7100
MRVLONMSTRX
0.05over 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 | MRVLON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -48.9% | -18.3% |
| Risk-adjusted return (90d) | -0.15 | 0.30 |
Relative strength over 90 days: MSTRX outperformed MRVLON by 29.9% — measured on the MRVLON/MSTRX ratio, so it holds regardless of market direction.