Applied Materials (bStocks Tokenized Stock) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 36.5× the size of Applied Materials (bStocks Tokenized Stock) (AMATB) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 56 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against AMATB's 58%.

Correlation: 0.23
Size ratio: 1 : 36.5

Applied Materials (bStocks Tokenized Stock)AMATB

$373.7600

24h: -0.45%
Market cap: $2.38M
Volume 24h: $123,962
Volatility (ann.): 58%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$73.7900

24h: +1.32%
Market cap: $86.85M
Volume 24h: $1.01M
Volatility (ann.): 98%

AMATB 2.7%Share of the two combined market caps97.3% CRCLON

Performance

AMATBCRCLON

7 days-3.87%-6.27%AMATB
30 days-29.37%-16.67%CRCLON
90 days-28.33%——

Correlation

0.23over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3690d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	AMATB	CRCLON
Max drawdown (400d)	-32.0%	-30.7%
Risk-adjusted return (90d)	-0.57	0.06

Relative strength over 90 days: CRCLON outperformed AMATB by 28.6% — measured on the AMATB/CRCLON ratio, so it holds regardless of market direction.

Applied Materials (bStocks Tokenized Stock) →Circle Internet Group (Ondo Tokenized Stock) →