MicroStrategy xStock (MSTRX) is 519.1× the size of Redwire (Ondo Tokenized) (RDWON) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 35 shared trading days). RDWON has been the more volatile of the two, at 137% annualised against MSTRX's 101%.
$7.9100
RDWONMSTRX
0.23over 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 | RDWON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -69.1% | -18.3% |
| Risk-adjusted return (90d) | -0.08 | 0.30 |
Relative strength over 90 days: MSTRX outperformed RDWON by 40.1% — measured on the RDWON/MSTRX ratio, so it holds regardless of market direction.