MicroStrategy xStock (MSTRX) is 20.0× the size of Nebius (bStocks Tokenized Stock) (NBISB) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 55 shared trading days). NBISB has been the more volatile of the two, at 124% annualised against MSTRX's 101%.
$142.1800
NBISBMSTRX
0.33over 55 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 | NBISB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -48.6% | -18.3% |
| Risk-adjusted return (90d) | -0.28 | 0.30 |
Relative strength over 90 days: MSTRX outperformed NBISB by 48.4% — measured on the NBISB/MSTRX ratio, so it holds regardless of market direction.