Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 8.3× the size of Meta xStock (METAX) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 35 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against METAX's 40%.
$74.3200
METAXCRCLON
0.20over 35 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 | METAX | CRCLON |
|---|---|---|
| Max drawdown (400d) | -30.8% | -30.7% |
| Risk-adjusted return (90d) | 0.41 | 0.06 |
Relative strength over 90 days: METAX outperformed CRCLON by 12.6% — measured on the METAX/CRCLON ratio, so it holds regardless of market direction.