If you mean Strategy’s STRC (“Stretch”) preferred stock: yeah — it’s generally been less volatile than the S&P 500, and that’s not an accident, it’s the whole design.

The quick receipts (recent realized vol)

Barchart’s “Historical Volatility” (their 30‑day realized vol metric) shows:

So on that apples-to-apples measure, STRC’s day-to-day wiggle has been ~40% lower than SPY’s.

Why STRC tends to be calmer

STRC is basically built to be a $100-par “gravity well”:

• Strategy explicitly says STRC’s dividend rate is adjusted monthly to encourage trading around the $100 par value and reduce price volatility.  
• Translation: the yield moves so the price doesn’t have to (more like floating-rate credit / “cash-like” trading behavior), while the S&P 500 is pure equity beta (price absorbs all the chaos).

The hardcore caveat (low wiggle ≠ no risk)

STRC can be smooth… until it isn’t:

• Strategy is crystal clear: no guarantee of returns/liquidity, not FDIC insured, dividend not guaranteed, and the rate can be significantly lower in the future.  
• Also important (people miss this): Strategy states its preferred securities (including STRC) are not collateralized by the company’s bitcoin holdings — you’re taking issuer/credit risk, not holding a claim on BTC.  
• And yes, it can “de‑peg”: Barchart shows STRC has had a 3‑month low around 90.52 and high around 100.42, i.e., it can absolutely drop meaningfully when the market decides to reprice the risk.  

Mental model

• SPY / S&P 500 = growth engine + big swings (equity volatility is the price of admission).
• STRC = yield cannon + managed price stability (but with single-issuer tail risk).

If you want, I can also compare STRC vs low-vol S&P funds (USMV/SPLV) or vs short-duration bond ETFs (SGOV/BIL/SHY) — because that’s the more “fair fight” category-wise.