Novo Nordisk (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 65.2× the size of Novo Nordisk (Ondo Tokenized Stock) (NVOON) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 35 shared trading days). Both have run at a similar volatility, around 50% annualised.

Correlation: 0.40
Size ratio: 1 : 65.2

Novo Nordisk (Ondo Tokenized Stock)NVOON

$41.3500

24h: -0.83%
Market cap: $2.18M
Volume 24h: $784,969
Volatility (ann.): 50%

Strategy PP Variable xStockSTRCX

$109.8900

24h: +2.95%
Market cap: $142.42M
Volume 24h: $536,903
Volatility (ann.): 51%

NVOON 1.5%Share of the two combined market caps98.5% STRCX

Performance

NVOONSTRCX

7 days-3.24%+5.41%STRCX
30 days-15.93%+3.05%STRCX
90 days-19.65%——

Correlation

0.40over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4190d: 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	NVOON	STRCX
Max drawdown (400d)	-44.4%	-7.5%
Risk-adjusted return (90d)	-0.48	0.16

Relative strength over 90 days: STRCX outperformed NVOON by 19.1% — measured on the NVOON/STRCX ratio, so it holds regardless of market direction.

Novo Nordisk (Ondo Tokenized Stock) →Strategy PP Variable xStock →