MicroStrategy xStock (MSTRX) is 108.1× the size of PayPal (Ondo Tokenized Stock) (PYPLON) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against PYPLON's 43%.
$58.1800
PYPLONMSTRX
0.48over 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 | PYPLON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -20.3% | -18.3% |
| Risk-adjusted return (90d) | 0.51 | 0.30 |
Relative strength over 90 days: MSTRX outperformed PYPLON by 40.6% — measured on the PYPLON/MSTRX ratio, so it holds regardless of market direction.