Snowflake (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 88.7× the size of Snowflake (Ondo Tokenized Stock) (SNOWON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 35 shared trading days). SNOWON has been the more volatile of the two, at 65% annualised against STRCX's 51%.

Correlation: -0.07
Size ratio: 1 : 88.7

Snowflake (Ondo Tokenized Stock)SNOWON

$287.3200

24h: -1.41%
Market cap: $1.66M
Volume 24h: $478,356
Volatility (ann.): 65%

Strategy PP Variable xStockSTRCX

$109.3300

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

SNOWON 1.1%Share of the two combined market caps98.9% STRCX

Performance

SNOWONSTRCX

7 days-0.64%+5.41%STRCX
30 days+1.89%+3.05%STRCX
90 days+32.27%——
1 year+46.41%——

Correlation

-0.07over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0990d: 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	SNOWON	STRCX
Max drawdown (400d)	-57.5%	-7.5%
Risk-adjusted return (90d)	0.63	0.16

Relative strength over 90 days: STRCX outperformed SNOWON by 4.2% — measured on the SNOWON/STRCX ratio, so it holds regardless of market direction.

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