MicroStrategy xStock (MSTRX) is 1.8× the size of Micron Technology (bStocks Tokenized Stock) (MUB) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 56 shared trading days). Both have run at a similar volatility, around 96% annualised.
$784.0200
MUBMSTRX
0.28over 56 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 | MUB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -40.3% | -18.3% |
| Risk-adjusted return (90d) | -0.18 | 0.38 |
Relative strength over 90 days: MSTRX outperformed MUB by 39.6% — measured on the MUB/MSTRX ratio, so it holds regardless of market direction.