MicroStrategy xStock (MSTRX) is 367.4× the size of Riot Platforms (Ondo Tokenized Stock) (RIOTON) by market capitalisation. Their daily returns move loosely together (correlation 0.38 across 39 shared trading days). Both have run at a similar volatility, around 101% annualised.
$15.5400
RIOTONMSTRX
0.38over 39 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 | RIOTON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -50.6% | -18.3% |
| Risk-adjusted return (90d) | -0.24 | 0.38 |
Relative strength over 90 days: MSTRX outperformed RIOTON by 40.1% — measured on the RIOTON/MSTRX ratio, so it holds regardless of market direction.