Strategy PP Variable xStock (STRCX) is 5.8× the size of Tesla (bStocks Tokenized Stock) (TSLAB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 57 shared trading days). Both have run at a similar volatility, around 48% annualised.
$376.4400
$109.3300
TSLABSTRCX
-0.04over 57 shared trading days
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.
| Metric | TSLAB | STRCX |
|---|---|---|
| Max drawdown (400d) | -29.9% | -7.5% |
| Risk-adjusted return (90d) | 0.58 | 0.16 |
Relative strength over 90 days: TSLAB outperformed STRCX by 7.8% — measured on the TSLAB/STRCX ratio, so it holds regardless of market direction.