MicroStrategy xStock (MSTRX) is 21288.4× the size of MaxLinear (Ondo Tokenized) (MXLON) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 43 shared trading days). MXLON has been the more volatile of the two, at 128% annualised against MSTRX's 101%.
$62.0700
MXLONMSTRX
0.30over 43 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 | MXLON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -32.4% | -18.3% |
| Risk-adjusted return (90d) | -0.16 | 0.38 |
Relative strength over 90 days: MSTRX outperformed MXLON by 27.3% — measured on the MXLON/MSTRX ratio, so it holds regardless of market direction.