Strategy PP Variable xStock (STRCX) is 249.5× the size of Cisco xStock (CSCOX) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 39 shared trading days). Both have run at a similar volatility, around 48% annualised.
$109.3300
CSCOXSTRCX
0.01over 39 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 | CSCOX | STRCX |
|---|---|---|
| Max drawdown (400d) | -20.5% | -7.5% |
| Risk-adjusted return (90d) | -0.15 | 0.16 |
| Best 30 days (past year) | +48.8% | — |
| Worst 30 days (past year) | -13.2% | — |
Relative strength over 90 days: STRCX outperformed CSCOX by 12.5% — measured on the CSCOX/STRCX ratio, so it holds regardless of market direction.