Sandisk (Backpack Securities) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 86.7× the size of Sandisk (Backpack Securities) (SNDK) by market capitalisation. Over the past 30 days, STRCX is ahead by 38.8 percentage points (SNDK -35.8% against STRCX +3.0%). Their daily returns move barely in opposite directions (correlation -0.14 across 31 shared trading days). SNDK has been the more volatile of the two, at 116% annualised against STRCX's 51%.

Correlation: -0.14
Size ratio: 1 : 86.7
Ahead over 30 days: STRCX

Sandisk (Backpack Securities)SNDK

$1,091.31

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

Strategy PP Variable xStockSTRCX

$109.4400

24h: +0.45%
Market cap: $147.36M
Volume 24h: $592,243
Volatility (ann.): 51%

SNDK 1.1%Share of the two combined market caps98.9% STRCX

Performance

SNDKSTRCX

7 days-13.87%+5.41%STRCX
30 days-35.78%+3.05%STRCX

Correlation

-0.14over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1490d: 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	STRCX
Max drawdown (400d)	-42.6%	-7.5%
Risk-adjusted return (90d)	-0.22	0.16

Relative strength over 90 days: STRCX outperformed SNDK by 27.6% — measured on the SNDK/STRCX ratio, so it holds regardless of market direction.

Sandisk (Backpack Securities) →Strategy PP Variable xStock →