IREN (Ondo Tokenized Stock) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 41.6× the size of IREN (Ondo Tokenized Stock) (IRENON) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 43 shared trading days). IRENON has been the more volatile of the two, at 124% annualised against CRCLON's 98%.

Correlation: 0.32
Size ratio: 1 : 41.6

IREN (Ondo Tokenized Stock)IRENON

$23.2200

24h: +2.83%
Market cap: $2.09M
Volume 24h: $1.13M
Volatility (ann.): 124%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$73.7900

24h: +1.32%
Market cap: $86.85M
Volume 24h: $1.01M
Volatility (ann.): 98%

IRENON 2.4%Share of the two combined market caps97.6% CRCLON

Performance

IRENONCRCLON

7 days-11.69%-6.27%CRCLON
30 days-46.16%-16.67%CRCLON
90 days-44.98%——

Correlation

0.32over 43 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3390d: 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	IRENON	CRCLON
Max drawdown (400d)	-65.2%	-30.7%
Risk-adjusted return (90d)	-0.33	0.06

Relative strength over 90 days: CRCLON outperformed IRENON by 46.1% — measured on the IRENON/CRCLON ratio, so it holds regardless of market direction.

IREN (Ondo Tokenized Stock) →Circle Internet Group (Ondo Tokenized Stock) →