ServiceNow (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 118.9× the size of ServiceNow (Ondo Tokenized Stock) (NOWON) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 35 shared trading days). NOWON has been the more volatile of the two, at 61% annualised against STRCX's 51%.

Correlation: 0.20
Size ratio: 1 : 118.9

ServiceNow (Ondo Tokenized Stock)NOWON

$535.3400

24h: +0.83%
Market cap: $1.24M
Volume 24h: $450,243
Volatility (ann.): 61%

Strategy PP Variable xStockSTRCX

$109.3300

24h: +0.47%
Market cap: $147.21M
Volume 24h: $594,635
Volatility (ann.): 51%

NOWON 0.8%Share of the two combined market caps99.2% STRCX

Performance

NOWONSTRCX

7 days+0.10%+5.41%STRCX
30 days-3.25%+3.05%STRCX
90 days+39.45%——

Correlation

0.20over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1990d: 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	NOWON	STRCX
Max drawdown (400d)	-47.5%	-7.5%
Risk-adjusted return (90d)	0.69	0.16

Relative strength over 90 days: NOWON outperformed STRCX by 10.3% — measured on the NOWON/STRCX ratio, so it holds regardless of market direction.

ServiceNow (Ondo Tokenized Stock) →Strategy PP Variable xStock →