Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 32.3× the size of Arm (bStocks Tokenized Stock) (ARMB) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 56 shared trading days). Both have run at a similar volatility, around 94% annualised.
$200.7900
$73.7900
ARMBCRCLON
0.36over 56 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 | ARMB | CRCLON |
|---|---|---|
| Max drawdown (400d) | -40.2% | -30.7% |
| Risk-adjusted return (90d) | -0.31 | 0.06 |
Relative strength over 90 days: CRCLON outperformed ARMB by 21.1% — measured on the ARMB/CRCLON ratio, so it holds regardless of market direction.