MicroStrategy xStock (MSTRX) is 137.5× the size of Paypal (bStocks Tokenized Stock) (PYPLB) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 55 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against PYPLB's 38%.
$59.5700
PYPLBMSTRX
0.36over 55 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 | PYPLB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -18.4% | -18.3% |
| Risk-adjusted return (90d) | -0.05 | 0.30 |
Relative strength over 90 days: MSTRX outperformed PYPLB by 27.5% — measured on the PYPLB/MSTRX ratio, so it holds regardless of market direction.