Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 23.6× the size of Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock) (TSMON) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against TSMON's 43%.

Correlation: 0.37
Size ratio: 1 : 23.6

Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock)TSMON

$403.7100

24h: -1.08%
Market cap: $5.83M
Volume 24h: $846,515
Volatility (ann.): 43%

MicroStrategy xStockMSTRX

$144.0900

24h: +5.83%
Market cap: $137.74M
Volume 24h: $3.82M
Volatility (ann.): 101%

TSMON 4.1%Share of the two combined market caps95.9% MSTRX

Performance

TSMONMSTRX

7 days+0.66%-3.45%TSMON
30 days+7.31%+4.70%TSMON
90 days-5.24%——
1 year+56.82%——

Correlation

0.37over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3790d: 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	TSMON	MSTRX
Max drawdown (400d)	-21.5%	-18.3%
Risk-adjusted return (90d)	-0.13	0.30

Relative strength over 90 days: MSTRX outperformed TSMON by 27.9% — measured on the TSMON/MSTRX ratio, so it holds regardless of market direction.

Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock) →MicroStrategy xStock →