Strategy (Backpack Securities) vs Circle Internet Group (bStocks Tokenized Stock)

Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 236.9× the size of Strategy (Backpack Securities) (MSTR) by market capitalisation. Their daily returns move very closely together (correlation 0.85 across 39 shared trading days). MSTR has been the more volatile of the two, at 100% annualised against CRCLB's 82%.

Correlation: 0.85
Size ratio: 1 : 236.9

Strategy (Backpack Securities)MSTR

$132.5400

24h: +0.69%
Market cap: $686,319
Volume 24h: $448,883
Volatility (ann.): 100%

Circle Internet Group (bStocks Tokenized Stock)CRCLB

$74.4200

24h: -1.19%
Market cap: $162.56M
Volume 24h: $38.24M
Volatility (ann.): 82%

MSTR 0.4%Share of the two combined market caps99.6% CRCLB

Performance

MSTRCRCLB

7 days-3.75%-7.34%MSTR
30 days-0.64%-10.38%MSTR
90 days—+21.21%—

Correlation

0.85over 39 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.8090d: 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	MSTR	CRCLB
Max drawdown (400d)	-22.8%	-31.5%
Risk-adjusted return (90d)	0.02	0.25

Relative strength over 90 days: MSTR outperformed CRCLB by 29.0% — measured on the MSTR/CRCLB ratio, so it holds regardless of market direction.

Strategy (Backpack Securities) →Circle Internet Group (bStocks Tokenized Stock) →