MicroStrategy xStock (MSTRX) is 10.7× the size of SpaceX (Ondo Tokenized Stock) (SPCXON) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 44 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against SPCXON's 77%.
$136.2400
SPCXONMSTRX
0.16over 44 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 | SPCXON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -47.6% | -18.3% |
| Risk-adjusted return (90d) | -0.07 | 0.30 |
Relative strength over 90 days: MSTRX outperformed SPCXON by 23.2% — measured on the SPCXON/MSTRX ratio, so it holds regardless of market direction.