Strategy (Backpack Securities) vs MicroStrategy xStock

MicroStrategy xStock (MSTRX) is 199.5× the size of Strategy (Backpack Securities) (MSTR) by market capitalisation. Over the past 30 days, MSTRX is ahead by 5.3 percentage points (MSTR -0.6% against MSTRX +4.7%). Their daily returns move closely together (correlation 0.71 across 31 shared trading days). Both have run at a similar volatility, around 101% annualised.

Correlation: 0.71
Size ratio: 1 : 199.5
Ahead over 30 days: MSTRX

Strategy (Backpack Securities)MSTR

$132.5400

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

MicroStrategy xStockMSTRX

$143.3400

24h: +3.64%
Market cap: $136.90M
Volume 24h: $3.74M
Volatility (ann.): 101%

MSTR 0.5%Share of the two combined market caps99.5% MSTRX

Performance

MSTRMSTRX

7 days-3.75%-3.45%MSTRX
30 days-0.64%+4.70%MSTRX

Correlation

0.71over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7190d: 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	MSTRX
Max drawdown (400d)	-22.8%	-18.3%
Risk-adjusted return (90d)	0.02	0.30

Relative strength over 90 days: MSTRX outperformed MSTR by 0.6% — measured on the MSTR/MSTRX ratio, so it holds regardless of market direction.

Strategy (Backpack Securities) →MicroStrategy xStock →