Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 663.8× the size of Moderna (Ondo Tokenized) (MRNAON) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 47 shared trading days). Both have run at a similar volatility, around 84% annualised.
$258.3800
$69.7200
MRNAONCRCLB
0.13over 47 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 | MRNAON | CRCLB |
|---|---|---|
| Max drawdown (400d) | -14.0% | -31.5% |
| Risk-adjusted return (90d) | 0.88 | 0.23 |
Relative strength over 90 days: MRNAON outperformed CRCLB by 93.6% — measured on the MRNAON/CRCLB ratio, so it holds regardless of market direction.