Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 384.2× the size of Moderna xStock (MRNAX) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 27 shared trading days). Both have run at a similar volatility, around 82% annualised.
$74.2000
MRNAXCRCLB
0.07over 27 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 | MRNAX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -11.1% | -31.5% |
| Risk-adjusted return (90d) | 0.31 | 0.23 |
Relative strength over 90 days: MRNAX outperformed CRCLB by 33.4% — measured on the MRNAX/CRCLB ratio, so it holds regardless of market direction.