MicroStrategy xStock (MSTRX) is 38.5× the size of Nebius Group (Ondo Tokenized) (NBISON) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 43 shared trading days). NBISON has been the more volatile of the two, at 129% annualised against MSTRX's 101%.
$146.3500
NBISONMSTRX
0.36over 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 | NBISON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -49.2% | -18.3% |
| Risk-adjusted return (90d) | -0.22 | 0.30 |
Relative strength over 90 days: MSTRX outperformed NBISON by 50.0% — measured on the NBISON/MSTRX ratio, so it holds regardless of market direction.