MicroStrategy xStock (MSTRX) is 396.9× the size of SharpLink Gaming, Inc (Ondo Tokenized Stock) (SBETON) by market capitalisation. Their daily returns move closely together (correlation 0.69 across 37 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against SBETON's 82%.
$6.5300
SBETONMSTRX
0.69over 37 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 | SBETON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -76.2% | -18.3% |
| Risk-adjusted return (90d) | 0.72 | 0.30 |
| Best 30 days (past year) | +44.9% | — |
| Worst 30 days (past year) | -43.3% | — |
Relative strength over 90 days: MSTRX outperformed SBETON by 17.9% — measured on the SBETON/MSTRX ratio, so it holds regardless of market direction.