Enphase Energy (Ondo Tokenized) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 121.3× the size of Enphase Energy (Ondo Tokenized) (ENPHON) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 35 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against ENPHON's 85%.

Correlation: 0.16
Size ratio: 1 : 121.3

Enphase Energy (Ondo Tokenized)ENPHON

$30.7300

24h: +9.26%
Market cap: $738,920
Volume 24h: $159,093
Volatility (ann.): 85%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$76.1500

24h: +0.57%
Market cap: $89.63M
Volume 24h: $1.66M
Volatility (ann.): 98%

ENPHON 0.8%Share of the two combined market caps99.2% CRCLON

Performance

ENPHONCRCLON

7 days-6.83%-6.27%CRCLON
30 days-13.98%-16.67%ENPHON
90 days-34.86%——

Correlation

0.16over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0990d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ENPHON	CRCLON
Max drawdown (400d)	-55.8%	-30.7%
Risk-adjusted return (90d)	-0.60	0.06

Relative strength over 90 days: CRCLON outperformed ENPHON by 28.5% — measured on the ENPHON/CRCLON ratio, so it holds regardless of market direction.

Enphase Energy (Ondo Tokenized) →Circle Internet Group (Ondo Tokenized Stock) →