MicroStrategy xStock (MSTRX) is 391.1× the size of Procter & Gamble xStock (PGX) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against PGX's 39%.
PGXMSTRX
0.06over 35 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 | PGX | MSTRX |
|---|---|---|
| Max drawdown (400d) | -20.6% | -18.3% |
| Risk-adjusted return (90d) | -0.09 | 0.38 |
Relative strength over 90 days: MSTRX outperformed PGX by 33.5% — measured on the PGX/MSTRX ratio, so it holds regardless of market direction.