MP Materials (Ondo Tokenized) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 492.4× the size of MP Materials (Ondo Tokenized) (MPON) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 35 shared trading days). MPON has been the more volatile of the two, at 66% annualised against STRCX's 51%.

Correlation: 0.19
Size ratio: 1 : 492.4

MP Materials (Ondo Tokenized)MPON

$35.9900

24h: -3.84%
Market cap: $287,862
Volume 24h: $774,897
Volatility (ann.): 66%

Strategy PP Variable xStockSTRCX

$109.3600

24h: +0.03%
Market cap: $141.74M
Volume 24h: $405,072
Volatility (ann.): 51%

MPON 0.2%Share of the two combined market caps99.8% STRCX

Performance

MPONSTRCX

7 days-3.46%+0.05%STRCX
30 days-13.23%+3.64%STRCX
90 days-12.88%——

Correlation

0.19over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2090d: 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	MPON	STRCX
Max drawdown (400d)	-46.1%	-7.5%
Risk-adjusted return (90d)	-0.21	0.16

Relative strength over 90 days: STRCX outperformed MPON by 21.3% — measured on the MPON/STRCX ratio, so it holds regardless of market direction.

MP Materials (Ondo Tokenized) →Strategy PP Variable xStock →