Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 95.6× the size of Coherent (Ondo Tokenized) (COHRON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.26 across 37 shared trading days). Both have run at a similar volatility, around 98% annualised.
$202.4600
$74.3200
COHRONCRCLON
-0.26over 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 | COHRON | CRCLON |
|---|---|---|
| Max drawdown (400d) | -48.0% | -30.7% |
| Risk-adjusted return (90d) | -0.13 | 0.06 |
Relative strength over 90 days: CRCLON outperformed COHRON by 6.1% — measured on the COHRON/CRCLON ratio, so it holds regardless of market direction.