Moderna (Backpack Securities) vs Circle Internet Group (bStocks Tokenized Stock)

Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 1365.4× the size of Moderna (Backpack Securities) (MRNA) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 39 shared trading days). Both have run at a similar volatility, around 80% annualised.

Correlation: 0.09
Size ratio: 1 : 1365.4

Moderna (Backpack Securities)MRNA

$259.0100

24h: +15.25%
Market cap: $104,993
Volume 24h: $74,507
Volatility (ann.): 79%

Circle Internet Group (bStocks Tokenized Stock)CRCLB

$66.7400

24h: -12.45%
Market cap: $143.35M
Volume 24h: $40.23M
Volatility (ann.): 82%

MRNA 0.1%Share of the two combined market caps99.9% CRCLB

Performance

MRNACRCLB

7 days+15.65%-5.56%MRNA
30 days+81.69%-9.22%MRNA
90 days—+19.24%—

Correlation

0.09over 39 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	MRNA	CRCLB
Max drawdown (400d)	-11.7%	-31.5%
Risk-adjusted return (90d)	0.77	0.23

Relative strength over 90 days: MRNA outperformed CRCLB by 88.2% — measured on the MRNA/CRCLB ratio, so it holds regardless of market direction.

Moderna (Backpack Securities) →Circle Internet Group (bStocks Tokenized Stock) →