NIKE (Backpack Securities) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 522.6× the size of NIKE (Backpack Securities) (NKE) by market capitalisation. Over the past 30 days, NKE is ahead by 4.4 percentage points (NKE +8.1% against STRCX +3.6%). Their daily returns move barely together (correlation 0.30 across 20 shared trading days). NKE has been the more volatile of the two, at 81% annualised against STRCX's 51%.

Correlation: 0.30
Size ratio: 1 : 522.6
Ahead over 30 days: NKE

NIKE (Backpack Securities)NKE

$40.4000

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

Strategy PP Variable xStockSTRCX

$109.6400

24h: +0.08%
Market cap: $142.11M
Volume 24h: $495,071
Volatility (ann.): 51%

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

Performance

NKESTRCX

7 days+24.38%+0.05%NKE
30 days+8.06%+3.64%NKE

Correlation

0.30over 20 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	STRCX
Max drawdown (400d)	-15.7%	-7.5%
Risk-adjusted return (90d)	0.08	0.16

Relative strength over 90 days: NKE outperformed STRCX by 2.6% — measured on the NKE/STRCX ratio, so it holds regardless of market direction.

NIKE (Backpack Securities) →Strategy PP Variable xStock →