Strategy PP Variable xStock (STRCX) is 129.4× the size of SK Hynix (Ondo Tokenized) (SKHYON) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 41 shared trading days). SKHYON has been the more volatile of the two, at 108% annualised against STRCX's 51%.
$144.8800
$109.4400
SKHYONSTRCX
0.25over 41 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 | SKHYON | STRCX |
|---|---|---|
| Max drawdown (400d) | -26.5% | -7.5% |
| Risk-adjusted return (90d) | -0.09 | 0.16 |
Relative strength over 90 days: STRCX outperformed SKHYON by 16.4% — measured on the SKHYON/STRCX ratio, so it holds regardless of market direction.