Strategy PP Variable xStock (STRCX) is 799.3× the size of Danaher xStock (DHRX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.19 across 35 shared trading days). STRCX has been the more volatile of the two, at 51% annualised against DHRX's 42%.
$109.1400
DHRXSTRCX
-0.19over 35 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 | DHRX | STRCX |
|---|---|---|
| Max drawdown (400d) | -34.1% | -7.5% |
| Risk-adjusted return (90d) | 0.30 | 0.16 |
Relative strength over 90 days: DHRX outperformed STRCX by 1.0% — measured on the DHRX/STRCX ratio, so it holds regardless of market direction.