RoboStrategy (Backpack Securities) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 114.6× the size of RoboStrategy (Backpack Securities) (BOT) by market capitalisation. Over the past 30 days, MSTRX is ahead by 17.6 percentage points (BOT -12.9% against MSTRX +4.7%). Their daily returns move barely together (correlation 0.26 across 31 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against BOT's 75%.

Correlation: 0.26
Size ratio: 1 : 114.6
Ahead over 30 days: MSTRX

RoboStrategy (Backpack Securities)BOT

$23.5000

24h: +9.59%
Market cap: $1.14M
Volume 24h: $167,603
Volatility (ann.): 75%

MicroStrategy xStockMSTRX

$137.1000

24h: +6.08%
Market cap: $130.64M
Volume 24h: $2.72M
Volatility (ann.): 101%

BOT 0.9%Share of the two combined market caps99.1% MSTRX

Performance

BOTMSTRX

7 days-2.39%-3.45%BOT
30 days-12.86%+4.70%MSTRX

Correlation

0.26over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2690d: 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	BOT	MSTRX
Max drawdown (400d)	-31.0%	-18.3%
Risk-adjusted return (90d)	-0.13	0.30

Relative strength over 90 days: MSTRX outperformed BOT by 12.1% — measured on the BOT/MSTRX ratio, so it holds regardless of market direction.

RoboStrategy (Backpack Securities) →MicroStrategy xStock →