Strategy Stretch Preferred (Ondo Tokenized) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 2.8× the size of Strategy Stretch Preferred (Ondo Tokenized) (STRCON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 45 shared trading days). STRCX has been the more volatile of the two, at 51% annualised against STRCON's 20%.

Correlation: -0.01
Size ratio: 1 : 2.8

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.6000

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

Strategy PP Variable xStockSTRCX

$109.3300

24h: +0.18%
Market cap: $147.22M
Volume 24h: $596,482
Volatility (ann.): 51%

STRCON 26.5%Share of the two combined market caps73.5% STRCX

Performance

STRCONSTRCX

7 days+0.80%+5.41%STRCX
30 days+3.71%+3.05%STRCON
90 days+18.91%——

Correlation

-0.01over 45 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0490d: 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	STRCX
Max drawdown (400d)	-4.3%	-7.5%
Risk-adjusted return (90d)	1.13	0.16

Relative strength over 90 days: STRCON outperformed STRCX by 0.1% — measured on the STRCON/STRCX ratio, so it holds regardless of market direction.

Strategy Stretch Preferred (Ondo Tokenized) →Strategy PP Variable xStock →