Qualcomm (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 63.9× the size of Qualcomm (Ondo Tokenized Stock) (QCOMON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.30 across 35 shared trading days). Both have run at a similar volatility, around 55% annualised.

Correlation: -0.30
Size ratio: 1 : 63.9

Qualcomm (Ondo Tokenized Stock)QCOMON

$162.7200

24h: -2.54%
Market cap: $2.31M
Volume 24h: $493,397
Volatility (ann.): 59%

Strategy PP Variable xStockSTRCX

$109.4400

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

QCOMON 1.5%Share of the two combined market caps98.5% STRCX

Performance

QCOMONSTRCX

7 days+2.50%+5.41%STRCX
30 days+22.28%+3.05%QCOMON
90 days+8.68%——
1 year+22.32%——

Correlation

-0.30over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3490d: 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	QCOMON	STRCX
Max drawdown (400d)	-41.6%	-7.5%
Risk-adjusted return (90d)	0.18	0.16

Relative strength over 90 days: QCOMON outperformed STRCX by 16.6% — measured on the QCOMON/STRCX ratio, so it holds regardless of market direction.

Qualcomm (Ondo Tokenized Stock) →Strategy PP Variable xStock →