Strategy (bStocks Tokenized Stock) vs Strategy PP Variable xStock

Strategy PP Variable xStock (STRCX) is 2.9× the size of Strategy (bStocks Tokenized Stock) (MSTRB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 57 shared trading days). MSTRB has been the more volatile of the two, at 88% annualised against STRCX's 51%.

Correlation: -0.01
Size ratio: 1 : 2.9

Strategy (bStocks Tokenized Stock)MSTRB

$136.9800

24h: +5.27%
Market cap: $49.98M
Volume 24h: $15.58M
Volatility (ann.): 88%

Strategy PP Variable xStockSTRCX

$109.2600

24h: +0.33%
Market cap: $147.13M
Volume 24h: $591,035
Volatility (ann.): 51%

MSTRB 25.4%Share of the two combined market caps74.6% STRCX

Performance

MSTRBSTRCX

7 days-4.52%+5.41%STRCX
30 days-18.17%+3.05%STRCX
90 days+37.80%——

Correlation

-0.01over 57 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1590d: 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	MSTRB	STRCX
Max drawdown (400d)	-22.6%	-7.5%
Risk-adjusted return (90d)	0.44	0.16

Relative strength over 90 days: MSTRB outperformed STRCX by 27.5% — measured on the MSTRB/STRCX ratio, so it holds regardless of market direction.

Strategy (bStocks Tokenized Stock) →Strategy PP Variable xStock →