Strategy Stretch Preferred (Ondo Tokenized) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 2.5× the size of Strategy Stretch Preferred (Ondo Tokenized) (STRCON) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 45 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against STRCON's 20%.

Correlation: 0.37
Size ratio: 1 : 2.5

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.6000

24h: -0.07%
Market cap: $53.01M
Volume 24h: $1.14M
Volatility (ann.): 20%

MicroStrategy xStockMSTRX

$137.4900

24h: +4.92%
Market cap: $131.05M
Volume 24h: $2.75M
Volatility (ann.): 101%

STRCON 28.8%Share of the two combined market caps71.2% MSTRX

Performance

STRCONMSTRX

7 days+0.80%-3.45%STRCON
30 days+3.71%+4.70%MSTRX
90 days+18.91%——

Correlation

0.37over 45 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3390d: 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	STRCON	MSTRX
Max drawdown (400d)	-4.3%	-18.3%
Risk-adjusted return (90d)	1.13	0.30

Relative strength over 90 days: MSTRX outperformed STRCON by 18.2% — measured on the STRCON/MSTRX ratio, so it holds regardless of market direction.

Strategy Stretch Preferred (Ondo Tokenized) →MicroStrategy xStock →