DraftKings (Backpack Securities) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 366.4× the size of DraftKings (Backpack Securities) (DKNG) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 20 shared trading days). DKNG has been the more volatile of the two, at 63% annualised against STRCX's 51%.

Correlation: 0.46
Size ratio: 1 : 366.4

DraftKings (Backpack Securities)DKNG

$21.6600

24h: -0.16%
Market cap: $387,882
Volume 24h: $98,589
Volatility (ann.): 63%

Strategy PP Variable xStockSTRCX

$109.6500

24h: +0.24%
Market cap: $142.12M
Volume 24h: $495,773
Volatility (ann.): 51%

DKNG 0.3%Share of the two combined market caps99.7% STRCX

Performance

DKNGSTRCX

7 days+14.62%+0.05%DKNG
30 days—+3.64%—

Correlation

0.46over 20 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	DKNG	STRCX
Max drawdown (400d)	-5.5%	-7.5%
Risk-adjusted return (90d)	0.44	0.16

Relative strength over 90 days: DKNG outperformed STRCX by 18.1% — measured on the DKNG/STRCX ratio, so it holds regardless of market direction.

DraftKings (Backpack Securities) →Strategy PP Variable xStock →