Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 266.8× the size of IonQ (Ondo Tokenized) (IONQON) by market capitalisation. Their daily returns move loosely together (correlation 0.53 across 35 shared trading days). Both have run at a similar volatility, around 100% annualised.
$29.3500
$76.0300
IONQONCRCLON
0.53over 35 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 | IONQON | CRCLON |
|---|---|---|
| Max drawdown (400d) | -54.5% | -30.7% |
| Risk-adjusted return (90d) | -0.22 | 0.06 |
Relative strength over 90 days: CRCLON outperformed IONQON by 15.1% — measured on the IONQON/CRCLON ratio, so it holds regardless of market direction.