Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 37.6× the size of Bitmine xStock (BMNRX) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 37 shared trading days). BMNRX has been the more volatile of the two, at 184% annualised against CRCLB's 82%.
$75.2100
BMNRXCRCLB
0.18over 37 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 | BMNRX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -35.0% | -31.5% |
| Risk-adjusted return (90d) | -0.15 | 0.25 |
Relative strength over 90 days: CRCLB outperformed BMNRX by 14.4% — measured on the BMNRX/CRCLB ratio, so it holds regardless of market direction.