MicroStrategy xStock (MSTRX) is 1009.3× the size of Rigetti Computing (Ondo Tokenized) (RGTION) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 35 shared trading days). Both have run at a similar volatility, around 105% annualised.
$11.1300
RGTIONMSTRX
0.43over 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 | RGTION | MSTRX |
|---|---|---|
| Max drawdown (400d) | -52.0% | -18.3% |
| Risk-adjusted return (90d) | -0.18 | 0.38 |
Relative strength over 90 days: MSTRX outperformed RGTION by 37.3% — measured on the RGTION/MSTRX ratio, so it holds regardless of market direction.