SpaceX (Backpack Securities) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 12.1× the size of SpaceX (Backpack Securities) (SPCX) by market capitalisation. Over the past 30 days, STRCX is ahead by 10.4 percentage points (SPCX -7.3% against STRCX +3.0%). Their daily returns move barely together (correlation 0.02 across 33 shared trading days). STRCX has been the more volatile of the two, at 51% annualised against SPCX's 43%.

Correlation: 0.02
Size ratio: 1 : 12.1
Ahead over 30 days: STRCX

SpaceX (Backpack Securities)SPCX

$136.1900

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

Strategy PP Variable xStockSTRCX

$109.4200

24h: +0.39%
Market cap: $147.34M
Volume 24h: $624,560
Volatility (ann.): 51%

SPCX 7.6%Share of the two combined market caps92.4% STRCX

Performance

SPCXSTRCX

7 days-4.65%+5.41%STRCX
30 days-7.33%+3.05%STRCX

Correlation

0.02over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0490d: 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	STRCX
Max drawdown (400d)	-12.4%	-7.5%
Risk-adjusted return (90d)	0.02	0.16

Relative strength over 90 days: STRCX outperformed SPCX by 3.8% — measured on the SPCX/STRCX ratio, so it holds regardless of market direction.

SpaceX (Backpack Securities) →Strategy PP Variable xStock →