Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 19.7× the size of AMD (Ondo Tokenized Stock) (AMDON) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 112 shared trading days). Both have run at a similar volatility, around 78% annualised.
$504.9000
$76.3900
AMDONCRCLB
0.20over 112 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 | AMDON | CRCLB |
|---|---|---|
| Max drawdown (400d) | -27.9% | -31.5% |
| Risk-adjusted return (90d) | -0.04 | 0.25 |
Relative strength over 90 days: CRCLB outperformed AMDON by 13.2% — measured on the AMDON/CRCLB ratio, so it holds regardless of market direction.