Strategy PP Variable xStock (STRCX) is 6722.6× the size of Plug Power (Ondo Tokenized) (PLUGON) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 35 shared trading days). PLUGON has been the more volatile of the two, at 88% annualised against STRCX's 50%.
$1.3500
$109.3300
PLUGONSTRCX
0.24over 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 | PLUGON | STRCX |
|---|---|---|
| Max drawdown (400d) | -56.5% | -7.5% |
| Risk-adjusted return (90d) | -0.54 | 0.15 |
Relative strength over 90 days: STRCX outperformed PLUGON by 19.2% — measured on the PLUGON/STRCX ratio, so it holds regardless of market direction.