Strategy PP Variable xStock (STRCX) is 64.3× the size of Netflix xStock (NFLXX) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 41 shared trading days). Both have run at a similar volatility, around 50% annualised.
$109.3800
NFLXXSTRCX
0.23over 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 | STRCX |
|---|---|---|
| Max drawdown (400d) | -45.1% | -7.5% |
| Risk-adjusted return (90d) | -0.34 | 0.16 |
Relative strength over 90 days: STRCX outperformed NFLXX by 26.6% — measured on the NFLXX/STRCX ratio, so it holds regardless of market direction.