Palo Alto Networks (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 54.3× the size of Palo Alto Networks (Ondo Tokenized Stock) (PANWON) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 35 shared trading days). Both have run at a similar volatility, around 53% annualised.

Correlation: 0.01
Size ratio: 1 : 54.3

Palo Alto Networks (Ondo Tokenized Stock)PANWON

$341.5100

24h: -3.54%
Market cap: $2.71M
Volume 24h: $144,722
Volatility (ann.): 54%

Strategy PP Variable xStockSTRCX

$109.4400

24h: +0.45%
Market cap: $147.36M
Volume 24h: $592,243
Volatility (ann.): 51%

PANWON 1.8%Share of the two combined market caps98.2% STRCX

Performance

PANWONSTRCX

7 days+1.11%+5.41%STRCX
30 days+1.15%+3.05%STRCX
90 days+9.88%——

Correlation

0.01over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0290d: 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	PANWON	STRCX
Max drawdown (400d)	-16.6%	-7.5%
Risk-adjusted return (90d)	0.18	0.16

Relative strength over 90 days: STRCX outperformed PANWON by 6.0% — measured on the PANWON/STRCX ratio, so it holds regardless of market direction.

Palo Alto Networks (Ondo Tokenized Stock) →Strategy PP Variable xStock →