MicroStrategy xStock (MSTRX) is 342.8× the size of Vistra (Ondo Tokenized) (VSTON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 36 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against VSTON's 44%.
$119.9000
VSTONMSTRX
-0.24over 36 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 | VSTON | MSTRX |
|---|---|---|
| Max drawdown (400d) | -18.8% | -18.3% |
| Risk-adjusted return (90d) | -0.12 | 0.38 |
Relative strength over 90 days: MSTRX outperformed VSTON by 25.1% — measured on the VSTON/MSTRX ratio, so it holds regardless of market direction.