MicroStrategy xStock vs Circle Internet Group (Ondo Tokenized Stock)

MicroStrategy xStock (MSTRX) is 1.6× the size of Circle Internet Group (Ondo Tokenized Stock) (CRCLON) by market capitalisation. Over the past 30 days, MSTRX is ahead by 26.8 percentage points (MSTRX +10.9% against CRCLON -15.9%). Their daily returns move closely together (correlation 0.83 across 55 shared trading days). Both have run at a similar volatility, around 99% annualised.

Correlation: 0.83
Size ratio: 1.6×
Ahead over 30 days: MSTRX

MicroStrategy xStockMSTRX

$143.5600

24h: +6.10%
Market cap: $138.62M
Volume 24h: $3.79M
Volatility (ann.): 101%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$75.2100

24h: +1.02%
Market cap: $88.55M
Volume 24h: $1.61M
Volatility (ann.): 97%

MSTRX 61.0%Share of the two combined market caps39.0% CRCLON

Performance

MSTRXCRCLON

7 days+0.26%-5.63%MSTRX
30 days+10.88%-15.88%MSTRX

Correlation

0.83over 55 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7690d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	MSTRX	CRCLON
Max drawdown (400d)	-18.3%	-30.7%
Risk-adjusted return (90d)	0.38	0.06

Relative strength over 90 days: MSTRX outperformed CRCLON by 43.0% — measured on the MSTRX/CRCLON ratio, so it holds regardless of market direction.

MicroStrategy xStock →Circle Internet Group (Ondo Tokenized Stock) →