Circle xStock vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 1.1× the size of Circle xStock (CRCLX) by market capitalisation. Over the past 30 days, MSTRX is ahead by 26.7 percentage points (CRCLX -15.9% against MSTRX +10.9%). Their daily returns move closely together (correlation 0.83 across 55 shared trading days). Both have run at a similar volatility, around 98% annualised.

Correlation: 0.83
Size ratio: 1 : 1.1
Ahead over 30 days: MSTRX

Circle xStockCRCLX

$75.0800

24h: +0.43%
Market cap: $122.90M
Volume 24h: $17.76M
Volatility (ann.): 95%

MicroStrategy xStockMSTRX

$143.2400

24h: +5.94%
Market cap: $138.30M
Volume 24h: $3.75M
Volatility (ann.): 101%

CRCLX 47.1%Share of the two combined market caps52.9% MSTRX

Performance

CRCLXMSTRX

7 days-5.30%+0.26%MSTRX
30 days-15.86%+10.88%MSTRX

Correlation

0.83over 55 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7690d: 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	CRCLX	MSTRX
Max drawdown (400d)	-30.8%	-18.3%
Risk-adjusted return (90d)	0.06	0.38

Relative strength over 90 days: MSTRX outperformed CRCLX by 29.9% — measured on the CRCLX/MSTRX ratio, so it holds regardless of market direction.

Circle xStock →MicroStrategy xStock →