Strategy PP Variable xStock (STRCX) is 452.1× the size of SharpLink Gaming, Inc (Ondo Tokenized Stock) (SBETON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 37 shared trading days). SBETON has been the more volatile of the two, at 82% annualised against STRCX's 51%.
$6.5300
$109.4400
SBETONSTRCX
-0.05over 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 | STRCX |
|---|---|---|
| Max drawdown (400d) | -76.2% | -7.5% |
| Risk-adjusted return (90d) | 0.72 | 0.16 |
| Best 30 days (past year) | +44.9% | — |
| Worst 30 days (past year) | -43.3% | — |
Relative strength over 90 days: SBETON outperformed STRCX by 19.0% — measured on the SBETON/STRCX ratio, so it holds regardless of market direction.