Strategy PP Variable xStock (STRCX) is 12.2× the size of SpaceX (Ondo Tokenized Stock) (SPCXON) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 44 shared trading days). SPCXON has been the more volatile of the two, at 77% annualised against STRCX's 51%.
$136.2400
$109.4400
SPCXONSTRCX
0.11over 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 | STRCX |
|---|---|---|
| Max drawdown (400d) | -47.6% | -7.5% |
| Risk-adjusted return (90d) | -0.07 | 0.16 |
Relative strength over 90 days: STRCX outperformed SPCXON by 11.6% — measured on the SPCXON/STRCX ratio, so it holds regardless of market direction.