Strategy PP Variable xStock (STRCX) is 12.2× the size of Apple xStock (AAPLX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.12 across 35 shared trading days). STRCX has been the more volatile of the two, at 51% annualised against AAPLX's 25%.
$109.3200
AAPLXSTRCX
-0.12over 35 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 | AAPLX | STRCX |
|---|---|---|
| Max drawdown (400d) | -14.0% | -7.5% |
| Risk-adjusted return (90d) | 0.54 | 0.16 |
Relative strength over 90 days: AAPLX outperformed STRCX by 5.0% — measured on the AAPLX/STRCX ratio, so it holds regardless of market direction.