Backed Coinbase Global vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 21.4× the size of Backed Coinbase Global (BCOIN) by market capitalisation. Over the past 30 days, BCOIN is ahead by 1.9 percentage points (BCOIN +6.6% against MSTRX +4.7%). Their daily returns move loosely together (correlation 0.49 across 25 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against BCOIN's 67%.

Correlation: 0.49
Size ratio: 1 : 21.4
Ahead over 30 days: BCOIN

Backed Coinbase GlobalBCOIN

$137.9000

24h: -3.85%
Market cap: $6.39M
Volume 24h: —
Volatility (ann.): 67%

MicroStrategy xStockMSTRX

$144.2600

24h: +6.77%
Market cap: $136.99M
Volume 24h: $3.78M
Volatility (ann.): 101%

BCOIN 4.5%Share of the two combined market caps95.5% MSTRX

Performance

BCOINMSTRX

7 days+1.71%-3.45%BCOIN
30 days+6.60%+4.70%BCOIN

Correlation

0.49over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4990d: 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	BCOIN	MSTRX
Max drawdown (400d)	-11.4%	-18.3%
Risk-adjusted return (90d)	0.10	0.30

Relative strength over 90 days: MSTRX outperformed BCOIN by 12.6% — measured on the BCOIN/MSTRX ratio, so it holds regardless of market direction.

Backed Coinbase Global →MicroStrategy xStock →