iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 4.4× the size of iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) (TLTON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 37 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against TLTON's 13%.

Correlation: -0.08
Size ratio: 1 : 4.4

iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF)TLTON

$85.7100

24h: -0.31%
Market cap: $19.55M
Volume 24h: $6,264
Volatility (ann.): 13%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$73.2000

24h: -1.20%
Market cap: $86.21M
Volume 24h: $1.14M
Volatility (ann.): 98%

TLTON 18.5%Share of the two combined market caps81.5% CRCLON

Performance

TLTONCRCLON

7 days+2.32%-6.27%TLTON
30 days-0.49%-16.67%TLTON
90 days-3.89%——
1 year-4.99%——

Correlation

-0.08over 37 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1190d: 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	TLTON	CRCLON
Max drawdown (400d)	-11.2%	-30.7%
Risk-adjusted return (90d)	-0.20	0.06

Relative strength over 90 days: CRCLON outperformed TLTON by 10.9% — measured on the TLTON/CRCLON ratio, so it holds regardless of market direction.

iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) →Circle Internet Group (Ondo Tokenized Stock) →