Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 30.2× the size of Marvell xStock (MRVLX) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 39 shared trading days). MRVLX has been the more volatile of the two, at 102% annualised against CRCLB's 82%.
$75.2100
MRVLXCRCLB
0.01over 39 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 | MRVLX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -34.3% | -31.5% |
| Risk-adjusted return (90d) | -0.07 | 0.25 |
Relative strength over 90 days: MRVLX outperformed CRCLB by 13.2% — measured on the MRVLX/CRCLB ratio, so it holds regardless of market direction.