MicroStrategy xStock (MSTRX) is 620.1× the size of Nokia (Ondo Tokenized) (NOKON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.25 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against NOKON's 71%.
NOKONMSTRX
-0.25over 35 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 | NOKON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -41.5% | -18.3% |
| Risk-adjusted return (90d) | -0.32 | 0.30 |
Relative strength over 90 days: MSTRX outperformed NOKON by 33.9% — measured on the NOKON/MSTRX ratio, so it holds regardless of market direction.