MicroStrategy xStock (MSTRX) is 10.4× the size of PDD Holdings (Ondo Tokenized) (PDDON) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.35 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against PDDON's 34%.
$83.2100
PDDONMSTRX
-0.35over 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 | PDDON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -31.1% | -18.3% |
| Risk-adjusted return (90d) | 0.05 | 0.38 |
Relative strength over 90 days: MSTRX outperformed PDDON by 43.3% — measured on the PDDON/MSTRX ratio, so it holds regardless of market direction.