Strategy PP Variable xStock (STRCX) is 4.6× the size of SK Hynix (bStocks Tokenized Stock) (SKHYB) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 57 shared trading days). SKHYB has been the more volatile of the two, at 99% annualised against STRCX's 51%.
$147.4000
$109.3300
SKHYBSTRCX
0.05over 57 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 | SKHYB | STRCX |
|---|---|---|
| Max drawdown (400d) | -32.7% | -7.5% |
| Risk-adjusted return (90d) | 0.05 | 0.16 |
Relative strength over 90 days: STRCX outperformed SKHYB by 17.4% — measured on the SKHYB/STRCX ratio, so it holds regardless of market direction.