MicroStrategy xStock (MSTRX) is 201.0× the size of Spotify (Ondo Tokenized Stock) (SPOTON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.12 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against SPOTON's 45%.
$599.5500
SPOTONMSTRX
-0.12over 35 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 | SPOTON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -41.9% | -18.3% |
| Risk-adjusted return (90d) | 0.25 | 0.30 |
Relative strength over 90 days: MSTRX outperformed SPOTON by 36.9% — measured on the SPOTON/MSTRX ratio, so it holds regardless of market direction.