MicroStrategy xStock (MSTRX) is 134.9× the size of Uber (Ondo Tokenized Stock) (UBERON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 42 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against UBERON's 37%.
$66.1300
UBERONMSTRX
-0.10over 42 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 | UBERON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -34.9% | -18.3% |
| Risk-adjusted return (90d) | -0.27 | 0.30 |
| Best 30 days (past year) | +20.2% | — |
| Worst 30 days (past year) | -17.6% | — |
Relative strength over 90 days: MSTRX outperformed UBERON by 34.9% — measured on the UBERON/MSTRX ratio, so it holds regardless of market direction.