Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 2.5× the size of Alphabet xStock (GOOGLX) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 52 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against GOOGLX's 33%.
$73.8100
GOOGLXCRCLB
0.25over 52 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 | GOOGLX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -20.1% | -31.5% |
| Risk-adjusted return (90d) | -0.55 | 0.25 |
Relative strength over 90 days: CRCLB outperformed GOOGLX by 5.2% — measured on the GOOGLX/CRCLB ratio, so it holds regardless of market direction.