SanDisk (Coinbase Tokenized Stock) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 85.3× the size of SanDisk (Coinbase Tokenized Stock) (SNDKC) by market capitalisation. Over the past 30 days, MSTRX is ahead by 50.3 percentage points (SNDKC -39.5% against MSTRX +10.9%). Their daily returns move barely together (correlation 0.34 across 21 shared trading days). Both have run at a similar volatility, around 95% annualised.

Correlation: 0.34
Size ratio: 1 : 85.3
Ahead over 30 days: MSTRX

SanDisk (Coinbase Tokenized Stock)SNDKC

$1,092.1

24h: -0.27%
Market cap: $1.62M
Volume 24h: $22.88M
Volatility (ann.): 90%

MicroStrategy xStockMSTRX

$143.1100

24h: +7.57%
Market cap: $138.16M
Volume 24h: $4.18M
Volatility (ann.): 101%

SNDKC 1.2%Share of the two combined market caps98.8% MSTRX

Performance

SNDKCMSTRX

7 days-24.54%+0.26%MSTRX
30 days-39.46%+10.88%MSTRX

Correlation

0.34over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	SNDKC	MSTRX
Max drawdown (400d)	-41.6%	-18.3%
Risk-adjusted return (90d)	-0.46	0.38

Relative strength over 90 days: MSTRX outperformed SNDKC by 23.1% — measured on the SNDKC/MSTRX ratio, so it holds regardless of market direction.

SanDisk (Coinbase Tokenized Stock) →MicroStrategy xStock →