Strategy PP Variable xStock (STRCX) is 40.2× the size of Coherent (bStocks Tokenized Stock) (COHRB) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 57 shared trading days). COHRB has been the more volatile of the two, at 96% annualised against STRCX's 51%.
$192.6400
$109.5800
COHRBSTRCX
0.09over 57 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 | COHRB | STRCX |
|---|---|---|
| Max drawdown (400d) | -47.9% | -7.5% |
| Risk-adjusted return (90d) | -0.36 | 0.16 |
Relative strength over 90 days: STRCX outperformed COHRB by 44.0% — measured on the COHRB/STRCX ratio, so it holds regardless of market direction.