MicroStrategy xStock vs Circle xStock

MicroStrategy xStock (MSTRX) is 1.1× the size of Circle xStock (CRCLX) by market capitalisation. Over the past 30 days, MSTRX is ahead by 26.7 percentage points (MSTRX +10.9% against CRCLX -15.9%). Their daily returns move closely together (correlation 0.83 across 55 shared trading days). Both have run at a similar volatility, around 98% annualised.

Correlation: 0.83
Size ratio: 1.1×
Ahead over 30 days: MSTRX

MicroStrategy xStockMSTRX

$143.5600

24h: +6.10%
Market cap: $138.62M
Volume 24h: $3.79M
Volatility (ann.): 101%

Circle xStockCRCLX

$75.4800

24h: +0.91%
Market cap: $123.57M
Volume 24h: $18.01M
Volatility (ann.): 95%

MSTRX 52.9%Share of the two combined market caps47.1% CRCLX

Performance

MSTRXCRCLX

7 days+0.26%-5.30%MSTRX
30 days+10.88%-15.86%MSTRX

Correlation

0.83over 55 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7690d: 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	MSTRX	CRCLX
Max drawdown (400d)	-18.3%	-30.8%
Risk-adjusted return (90d)	0.38	0.06

Relative strength over 90 days: MSTRX outperformed CRCLX by 42.7% — measured on the MSTRX/CRCLX ratio, so it holds regardless of market direction.

MicroStrategy xStock →Circle xStock →