Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 24.9× the size of Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock) (TSMON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 35 shared trading days). STRCX has been the more volatile of the two, at 51% annualised against TSMON's 43%.

Correlation: -0.08
Size ratio: 1 : 24.9

Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock)TSMON

$403.7100

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

Strategy PP Variable xStockSTRCX

$109.7800

24h: +3.09%
Market cap: $145.50M
Volume 24h: $575,035
Volatility (ann.): 51%

TSMON 3.9%Share of the two combined market caps96.1% STRCX

Performance

TSMONSTRCX

7 days+0.66%+5.41%STRCX
30 days+7.31%+3.05%TSMON
90 days-5.24%——
1 year+56.82%——

Correlation

-0.08over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1190d: 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	STRCX
Max drawdown (400d)	-21.5%	-7.5%
Risk-adjusted return (90d)	-0.13	0.16

Relative strength over 90 days: STRCX outperformed TSMON by 1.4% — measured on the TSMON/STRCX ratio, so it holds regardless of market direction.

Taiwan Semiconductor Manufacturing (Ondo Tokenized Stock) →Strategy PP Variable xStock →