MicroStrategy xStock (MSTRX) is 40.4× the size of SanDisk (Ondo Tokenized) (SNDKON) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 38 shared trading days). SNDKON has been the more volatile of the two, at 130% annualised against MSTRX's 101%.
$1,093.53
SNDKONMSTRX
0.13over 38 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 | SNDKON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -56.7% | -18.3% |
| Risk-adjusted return (90d) | -0.21 | 0.30 |
Relative strength over 90 days: MSTRX outperformed SNDKON by 42.1% — measured on the SNDKON/MSTRX ratio, so it holds regardless of market direction.