MicroStrategy xStock (MSTRX) is 62.4× the size of Starbucks (Ondo Tokenized Stock) (SBUXON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against SBUXON's 27%.
$104.4400
SBUXONMSTRX
-0.02over 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 | SBUXON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -14.7% | -18.3% |
| Risk-adjusted return (90d) | -0.28 | 0.30 |
Relative strength over 90 days: MSTRX outperformed SBUXON by 40.2% — measured on the SBUXON/MSTRX ratio, so it holds regardless of market direction.