Strategy (Backpack Securities) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 215.0× the size of Strategy (Backpack Securities) (MSTR) by market capitalisation. Over the past 30 days, STRCX is ahead by 3.7 percentage points (MSTR -0.6% against STRCX +3.0%). Their daily returns move barely in opposite directions (correlation -0.12 across 29 shared trading days). MSTR has been the more volatile of the two, at 100% annualised against STRCX's 51%.

Correlation: -0.12
Size ratio: 1 : 215.0
Ahead over 30 days: STRCX

Strategy (Backpack Securities)MSTR

$132.5400

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

Strategy PP Variable xStockSTRCX

$109.5700

24h: +3.17%
Market cap: $147.56M
Volume 24h: $572,470
Volatility (ann.): 51%

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

Performance

MSTRSTRCX

7 days-3.75%+5.41%STRCX
30 days-0.64%+3.05%STRCX

Correlation

-0.12over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1290d: 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	STRCX
Max drawdown (400d)	-22.8%	-7.5%
Risk-adjusted return (90d)	0.02	0.16

Relative strength over 90 days: STRCX outperformed MSTR by 2.9% — measured on the MSTR/STRCX ratio, so it holds regardless of market direction.

Strategy (Backpack Securities) →Strategy PP Variable xStock →