NIKE (Backpack Securities) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 513.9× the size of NIKE (Backpack Securities) (NKE) by market capitalisation. Over the past 30 days, MSTRX is ahead by 2.8 percentage points (NKE +8.1% against MSTRX +10.9%). Their daily returns move barely in opposite directions (correlation -0.04 across 22 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against NKE's 81%.

Correlation: -0.04
Size ratio: 1 : 513.9
Ahead over 30 days: MSTRX

NIKE (Backpack Securities)NKE

$40.4000

24h: +5.76%
Market cap: $271,905
Volume 24h: $49,745
Volatility (ann.): 81%

MicroStrategy xStockMSTRX

$144.7200

24h: +9.17%
Market cap: $139.72M
Volume 24h: $4.24M
Volatility (ann.): 101%

NKE 0.2%Share of the two combined market caps99.8% MSTRX

Performance

NKEMSTRX

7 days+24.38%+0.26%NKE
30 days+8.06%+10.88%MSTRX

Correlation

-0.04over 22 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	NKE	MSTRX
Max drawdown (400d)	-15.7%	-18.3%
Risk-adjusted return (90d)	0.08	0.38

Relative strength over 90 days: NKE outperformed MSTRX by 0.3% — measured on the NKE/MSTRX ratio, so it holds regardless of market direction.

NIKE (Backpack Securities) →MicroStrategy xStock →