Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 17.1× the size of Amazon xStock (AMZNX) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 111 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against AMZNX's 36%.
$77.2300
AMZNXCRCLB
0.20over 111 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 | AMZNX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -21.9% | -31.5% |
| Risk-adjusted return (90d) | 0.07 | 0.25 |
Relative strength over 90 days: CRCLB outperformed AMZNX by 23.8% — measured on the AMZNX/CRCLB ratio, so it holds regardless of market direction.