MicroStrategy xStock (MSTRX) is 57.0× the size of Netflix xStock (NFLXX) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 41 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against NFLXX's 49%.
NFLXXMSTRX
0.36over 41 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 | NFLXX | MSTRX |
|---|---|---|
| Max drawdown (400d) | -45.1% | -18.3% |
| Risk-adjusted return (90d) | -0.34 | 0.30 |
Relative strength over 90 days: MSTRX outperformed NFLXX by 41.3% — measured on the NFLXX/MSTRX ratio, so it holds regardless of market direction.