SpaceX (Backpack Securities) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 10.6× the size of SpaceX (Backpack Securities) (SPCX) by market capitalisation. Over the past 30 days, MSTRX is ahead by 12.0 percentage points (SPCX -7.3% against MSTRX +4.7%). Their daily returns move barely together (correlation 0.27 across 35 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against SPCX's 43%.

Correlation: 0.27
Size ratio: 1 : 10.6
Ahead over 30 days: MSTRX

SpaceX (Backpack Securities)SPCX

$136.1900

24h: -0.90%
Market cap: $12.17M
Volume 24h: $10.72M
Volatility (ann.): 43%

MicroStrategy xStockMSTRX

$136.1400

24h: +3.31%
Market cap: $129.33M
Volume 24h: $2.91M
Volatility (ann.): 101%

SPCX 8.6%Share of the two combined market caps91.4% MSTRX

Performance

SPCXMSTRX

7 days-4.65%-3.45%MSTRX
30 days-7.33%+4.70%MSTRX

Correlation

0.27over 35 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	SPCX	MSTRX
Max drawdown (400d)	-12.4%	-18.3%
Risk-adjusted return (90d)	0.02	0.30

Relative strength over 90 days: MSTRX outperformed SPCX by 4.3% — measured on the SPCX/MSTRX ratio, so it holds regardless of market direction.

SpaceX (Backpack Securities) →MicroStrategy xStock →