Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 1.1× the size of Intel (bStocks Tokenized Stock) (INTCB) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 56 shared trading days). Both have run at a similar volatility, around 93% annualised.
$58.6400
$76.9600
INTCBCRCLON
0.30over 56 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 | INTCB | CRCLON |
|---|---|---|
| Max drawdown (400d) | -56.6% | -30.7% |
| Risk-adjusted return (90d) | -0.49 | 0.06 |
Relative strength over 90 days: CRCLON outperformed INTCB by 39.8% — measured on the INTCB/CRCLON ratio, so it holds regardless of market direction.