Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 288.4× the size of Dell • Robinhood Token (DELL) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 38 shared trading days). Both have run at a similar volatility, around 80% annualised.
$399.9600
$76.3900
DELLCRCLB
0.18over 38 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 | DELL | CRCLB |
|---|---|---|
| Max drawdown (400d) | -28.9% | -31.5% |
| Risk-adjusted return (90d) | -0.07 | 0.25 |
Relative strength over 90 days: DELL outperformed CRCLB by 11.7% — measured on the DELL/CRCLB ratio, so it holds regardless of market direction.