MicroStrategy xStock (MSTRX) is 104.4× the size of ServiceNow (Ondo Tokenized Stock) (NOWON) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against NOWON's 61%.
$535.3400
NOWONMSTRX
0.31over 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 | NOWON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -47.5% | -18.3% |
| Risk-adjusted return (90d) | 0.69 | 0.30 |
Relative strength over 90 days: MSTRX outperformed NOWON by 28.2% — measured on the NOWON/MSTRX ratio, so it holds regardless of market direction.