MicroStrategy xStock (MSTRX) is 47.7× the size of Palo Alto Networks (Ondo Tokenized Stock) (PANWON) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against PANWON's 54%.
$341.5100
PANWONMSTRX
0.33over 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 | PANWON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -16.6% | -18.3% |
| Risk-adjusted return (90d) | 0.18 | 0.30 |
Relative strength over 90 days: MSTRX outperformed PANWON by 30.9% — measured on the PANWON/MSTRX ratio, so it holds regardless of market direction.