MicroStrategy xStock (MSTRX) is 1.3× the size of SanDisk (bStocks Tokenized Stock) (SNDKB) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 55 shared trading days). SNDKB has been the more volatile of the two, at 124% annualised against MSTRX's 101%.
$1,035.19
SNDKBMSTRX
0.16over 55 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 | SNDKB | MSTRX |
|---|---|---|
| Max drawdown (400d) | -56.5% | -18.3% |
| Risk-adjusted return (90d) | -0.10 | 0.30 |
Relative strength over 90 days: MSTRX outperformed SNDKB by 45.9% — measured on the SNDKB/MSTRX ratio, so it holds regardless of market direction.