Strategy PP Variable xStock (STRCX) is 243.7× the size of UnitedHealth xStock (UNHX) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 35 shared trading days). Both have run at a similar volatility, around 53% annualised.
$109.3300
UNHXSTRCX
0.09over 35 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 | UNHX | STRCX |
|---|---|---|
| Max drawdown (400d) | -29.2% | -7.5% |
| Risk-adjusted return (90d) | -0.42 | 0.16 |
Relative strength over 90 days: STRCX outperformed UNHX by 12.2% — measured on the UNHX/STRCX ratio, so it holds regardless of market direction.