Sandisk (Backpack Securities) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 76.1× the size of Sandisk (Backpack Securities) (SNDK) by market capitalisation. Over the past 30 days, MSTRX is ahead by 40.5 percentage points (SNDK -35.8% against MSTRX +4.7%). Their daily returns move loosely together (correlation 0.36 across 33 shared trading days). Both have run at a similar volatility, around 108% annualised.

Correlation: 0.36
Size ratio: 1 : 76.1
Ahead over 30 days: MSTRX

Sandisk (Backpack Securities)SNDK

$1,091.31

24h: -0.38%
Market cap: $1.70M
Volume 24h: $683,174
Volatility (ann.): 116%

MicroStrategy xStockMSTRX

$136.1500

24h: +2.03%
Market cap: $129.34M
Volume 24h: $2.95M
Volatility (ann.): 101%

SNDK 1.3%Share of the two combined market caps98.7% MSTRX

Performance

SNDKMSTRX

7 days-13.87%-3.45%MSTRX
30 days-35.78%+4.70%MSTRX

Correlation

0.36over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3690d: 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	SNDK	MSTRX
Max drawdown (400d)	-42.6%	-18.3%
Risk-adjusted return (90d)	-0.22	0.30

Relative strength over 90 days: MSTRX outperformed SNDK by 28.2% — measured on the SNDK/MSTRX ratio, so it holds regardless of market direction.

Sandisk (Backpack Securities) →MicroStrategy xStock →