MicroStrategy xStock (MSTRX) is 41.6× the size of Robinhood Markets (Ondo Tokenized Stock) (HOODON) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against HOODON's 76%.
$84.1500
HOODONMSTRX
0.46over 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 | HOODON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -57.6% | -18.3% |
| Risk-adjusted return (90d) | 0.10 | 0.30 |
Relative strength over 90 days: MSTRX outperformed HOODON by 22.0% — measured on the HOODON/MSTRX ratio, so it holds regardless of market direction.