Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 685.6× the size of AstraZeneca xStock (AZNX) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 44 shared trading days). Both have run at a similar volatility, around 97% annualised.
$69.3500
AZNXCRCLON
0.17over 44 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 | CRCLON |
|---|---|---|
| Max drawdown (400d) | -25.6% | -30.7% |
| Risk-adjusted return (90d) | 0.57 | 0.06 |
| Best 30 days (past year) | +124.9% | — |
| Worst 30 days (past year) | -20.0% | — |
Relative strength over 90 days: AZNX outperformed CRCLON by 112.2% — measured on the AZNX/CRCLON ratio, so it holds regardless of market direction.