Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 1238.3× the size of AstraZeneca xStock (AZNX) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 120 shared trading days). AZNX has been the more volatile of the two, at 97% annualised against CRCLB's 82%.
$69.0100
AZNXCRCLB
0.13over 120 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 | AZNX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -25.6% | -31.5% |
| Risk-adjusted return (90d) | 0.57 | 0.23 |
| Best 30 days (past year) | +124.9% | — |
| Worst 30 days (past year) | -20.0% | — |
Relative strength over 90 days: AZNX outperformed CRCLB by 82.1% — measured on the AZNX/CRCLB ratio, so it holds regardless of market direction.