Stacks (STX) is 7026.5× the size of XANA (XETA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.13 across 27 shared trading days). XETA has been the more volatile of the two, at 111% annualised against STX's 94%.
XETASTX
-0.13over 27 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 | XETA | STX |
|---|---|---|
| Max drawdown (400d) | -48.3% | -80.9% |
| Risk-adjusted return (90d) | -0.43 | 1.48 |
| Best 30 days (past year) | — | +120.9% |
| Worst 30 days (past year) | — | -35.3% |
Relative strength over 90 days: STX outperformed XETA by 46.2% — measured on the XETA/STX ratio, so it holds regardless of market direction.