MicroStrategy xStock (MSTRX) is 138.6× the size of Netflix (Ondo Tokenized Stock) (NFLXON) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 36 shared trading days). MSTRX has been the more volatile of the two, at 105% annualised against NFLXON's 38%.
$665.5500
NFLXONMSTRX
0.34over 36 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 | NFLXON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -49.8% | -20.7% |
| Risk-adjusted return (90d) | -0.46 | 0.21 |
Relative strength over 90 days: MSTRX outperformed NFLXON by 40.3% — measured on the NFLXON/MSTRX ratio, so it holds regardless of market direction.