Circle xStock vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 1.2× the size of Circle xStock (CRCLX) by market capitalisation. Over the past 30 days, STRCX is ahead by 19.5 percentage points (CRCLX -15.9% against STRCX +3.6%). Their daily returns move barely together (correlation 0.13 across 56 shared trading days). CRCLX has been the more volatile of the two, at 95% annualised against STRCX's 51%.

Correlation: 0.13
Size ratio: 1 : 1.2
Ahead over 30 days: STRCX

Circle xStockCRCLX

$75.4800

24h: +0.91%
Market cap: $123.57M
Volume 24h: $18.01M
Volatility (ann.): 95%

Strategy PP Variable xStockSTRCX

$109.7500

24h: +0.05%
Market cap: $142.24M
Volume 24h: $498,321
Volatility (ann.): 51%

CRCLX 46.5%Share of the two combined market caps53.5% STRCX

Performance

CRCLXSTRCX

7 days-5.30%+0.05%STRCX
30 days-15.86%+3.64%STRCX

Correlation

0.13over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0490d: 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	STRCX
Max drawdown (400d)	-30.8%	-7.5%
Risk-adjusted return (90d)	0.06	0.16

Relative strength over 90 days: STRCX outperformed CRCLX by 2.8% — measured on the CRCLX/STRCX ratio, so it holds regardless of market direction.

Circle xStock →Strategy PP Variable xStock →