iShares Bitcoin Trust (Ondo Tokenized) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 26.5× the size of iShares Bitcoin Trust (Ondo Tokenized) (IBITON) by market capitalisation. Over the past 30 days, IBITON is ahead by 21.1 percentage points (IBITON +4.5% against CRCLON -16.7%). Their daily returns move closely together (correlation 0.79 across 23 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against IBITON's 44%.

Correlation: 0.79
Size ratio: 1 : 26.5
Ahead over 30 days: IBITON

iShares Bitcoin Trust (Ondo Tokenized)IBITON

$43.4700

24h: -0.50%
Market cap: $3.29M
Volume 24h: $94
Volatility (ann.): 44%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$73.9900

24h: +1.19%
Market cap: $87.11M
Volume 24h: $1.01M
Volatility (ann.): 98%

IBITON 3.6%Share of the two combined market caps96.4% CRCLON

Performance

IBITONCRCLON

7 days-3.41%-6.27%IBITON
30 days+4.46%-16.67%IBITON

Correlation

0.79over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	IBITON	CRCLON
Max drawdown (400d)	-7.2%	-30.7%
Risk-adjusted return (90d)	0.10	0.06

Relative strength over 90 days: IBITON outperformed CRCLON by 15.1% — measured on the IBITON/CRCLON ratio, so it holds regardless of market direction.

iShares Bitcoin Trust (Ondo Tokenized) →Circle Internet Group (Ondo Tokenized Stock) →