Strategy PP Variable xStock (STRCX) is 82.8× the size of IREN Limited (bStocks Tokenized Stock) (IRENB) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 57 shared trading days). IRENB has been the more volatile of the two, at 88% annualised against STRCX's 51%.
$23.0700
$109.4400
IRENBSTRCX
0.04over 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 | IRENB | STRCX |
|---|---|---|
| Max drawdown (400d) | -53.7% | -7.5% |
| Risk-adjusted return (90d) | -0.41 | 0.16 |
Relative strength over 90 days: STRCX outperformed IRENB by 49.9% — measured on the IRENB/STRCX ratio, so it holds regardless of market direction.