Moderna (Backpack Securities) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 1341.3× the size of Moderna (Backpack Securities) (MRNA) by market capitalisation. Over the past 30 days, MRNA is ahead by 78.0 percentage points (MRNA +81.7% against STRCX +3.6%). Their daily returns move loosely in opposite directions (correlation -0.39 across 28 shared trading days). MRNA has been the more volatile of the two, at 79% annualised against STRCX's 51%.

Correlation: -0.39
Size ratio: 1 : 1341.3
Ahead over 30 days: MRNA

Moderna (Backpack Securities)MRNA

$259.0100

24h: +15.25%
Market cap: $104,993
Volume 24h: $74,507
Volatility (ann.): 79%

Strategy PP Variable xStockSTRCX

$109.1400

24h: -0.40%
Market cap: $140.83M
Volume 24h: $2.05M
Volatility (ann.): 51%

MRNA 0.1%Share of the two combined market caps99.9% STRCX

Performance

MRNASTRCX

7 days+15.65%+0.05%MRNA
30 days+81.69%+3.64%MRNA

Correlation

-0.39over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3990d: 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	MRNA	STRCX
Max drawdown (400d)	-11.7%	-7.5%
Risk-adjusted return (90d)	0.77	0.16

Relative strength over 90 days: MRNA outperformed STRCX by 50.8% — measured on the MRNA/STRCX ratio, so it holds regardless of market direction.

Moderna (Backpack Securities) →Strategy PP Variable xStock →