Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 1434858.1× the size of FormFactor aStock (AFORM) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 31 shared trading days). Both have run at a similar volatility, around 86% annualised.
$75.8600
AFORMCRCLB
0.07over 31 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 | AFORM | CRCLB |
|---|---|---|
| Max drawdown (400d) | -36.6% | -31.5% |
| Risk-adjusted return (90d) | -0.25 | 0.23 |
Relative strength over 90 days: CRCLB outperformed AFORM by 14.5% — measured on the AFORM/CRCLB ratio, so it holds regardless of market direction.