Backed Coinbase Global vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 23.1× the size of Backed Coinbase Global (BCOIN) by market capitalisation. Over the past 30 days, BCOIN is ahead by 3.5 percentage points (BCOIN +6.6% against STRCX +3.0%). Their daily returns move barely in opposite directions (correlation -0.26 across 23 shared trading days). BCOIN has been the more volatile of the two, at 67% annualised against STRCX's 51%.

Correlation: -0.26
Size ratio: 1 : 23.1
Ahead over 30 days: BCOIN

Backed Coinbase GlobalBCOIN

$137.9000

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

Strategy PP Variable xStockSTRCX

$109.5400

24h: +0.28%
Market cap: $147.53M
Volume 24h: $591,346
Volatility (ann.): 51%

BCOIN 4.2%Share of the two combined market caps95.8% STRCX

Performance

BCOINSTRCX

7 days+1.71%+5.41%STRCX
30 days+6.60%+3.05%BCOIN

Correlation

-0.26over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	STRCX
Max drawdown (400d)	-11.4%	-7.5%
Risk-adjusted return (90d)	0.10	0.16

Relative strength over 90 days: BCOIN outperformed STRCX by 3.1% — measured on the BCOIN/STRCX ratio, so it holds regardless of market direction.

Backed Coinbase Global →Strategy PP Variable xStock →