S&P Global (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 142.4× the size of S&P Global (Ondo Tokenized Stock) (SPGION) by market capitalisation. Over the past 30 days, SPGION is ahead by 3.6 percentage points (SPGION +6.6% against STRCX +3.0%). Their daily returns move barely in opposite directions (correlation -0.17 across 28 shared trading days). Both have run at a similar volatility, around 52% annualised.

Correlation: -0.17
Size ratio: 1 : 142.4
Ahead over 30 days: SPGION

S&P Global (Ondo Tokenized Stock)SPGION

$489.1500

24h: -1.72%
Market cap: $1.03M
Volume 24h: $1,257
Volatility (ann.): 53%

Strategy PP Variable xStockSTRCX

$109.4100

24h: +0.30%
Market cap: $147.32M
Volume 24h: $601,475
Volatility (ann.): 51%

SPGION 0.7%Share of the two combined market caps99.3% STRCX

Performance

SPGIONSTRCX

7 days+19.06%+5.41%SPGION
30 days+6.64%+3.05%SPGION

Correlation

-0.17over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1790d: 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	SPGION	STRCX
Max drawdown (400d)	-12.9%	-7.5%
Risk-adjusted return (90d)	0.15	0.16

Relative strength over 90 days: SPGION outperformed STRCX by 2.8% — measured on the SPGION/STRCX ratio, so it holds regardless of market direction.

S&P Global (Ondo Tokenized Stock) →Strategy PP Variable xStock →