Nike (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 119.6× the size of Nike (Ondo Tokenized Stock) (NKEON) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 36 shared trading days). STRCX has been the more volatile of the two, at 51% annualised against NKEON's 36%.

Correlation: 0.24
Size ratio: 1 : 119.6

Nike (Ondo Tokenized Stock)NKEON

$39.4800

24h: -1.27%
Market cap: $1.23M
Volume 24h: $151,146
Volatility (ann.): 36%

Strategy PP Variable xStockSTRCX

$109.5500

24h: +3.31%
Market cap: $147.51M
Volume 24h: $577,934
Volatility (ann.): 51%

NKEON 0.8%Share of the two combined market caps99.2% STRCX

Performance

NKEONSTRCX

7 days+1.41%+5.41%STRCX
30 days-6.78%+3.05%STRCX
90 days-14.07%——

Correlation

0.24over 36 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2490d: 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	NKEON	STRCX
Max drawdown (400d)	-45.4%	-7.5%
Risk-adjusted return (90d)	-0.50	0.16

Relative strength over 90 days: STRCX outperformed NKEON by 13.3% — measured on the NKEON/STRCX ratio, so it holds regardless of market direction.

Nike (Ondo Tokenized Stock) →Strategy PP Variable xStock →