Merck (Ondo Tokenized) vs Circle Internet Group (bStocks Tokenized Stock)

Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 7510.8× the size of Merck (Ondo Tokenized) (MRKON) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 27 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against MRKON's 21%.

Correlation: 0.27
Size ratio: 1 : 7510.8

Merck (Ondo Tokenized)MRKON

$153.6200

24h: +4.59%
Market cap: $19,253
Volume 24h: $33
Volatility (ann.): 21%

Circle Internet Group (bStocks Tokenized Stock)CRCLB

$66.5200

24h: -12.77%
Market cap: $144.61M
Volume 24h: $40.56M
Volatility (ann.): 82%

MRKON 0.0%Share of the two combined market caps100.0% CRCLB

Performance

MRKONCRCLB

7 days-3.37%-5.56%MRKON
30 days-4.13%-9.22%MRKON
90 days—+19.24%—

Correlation

0.27over 27 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2790d: 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	MRKON	CRCLB
Max drawdown (400d)	-5.0%	-31.5%
Risk-adjusted return (90d)	-0.19	0.23

Relative strength over 90 days: MRKON outperformed CRCLB by 18.3% — measured on the MRKON/CRCLB ratio, so it holds regardless of market direction.

Merck (Ondo Tokenized) →Circle Internet Group (bStocks Tokenized Stock) →