Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 38.9× the size of Netflix xStock (NFLXX) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 41 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against NFLXX's 49%.
$75.5400
NFLXXCRCLON
0.44over 41 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 | NFLXX | CRCLON |
|---|---|---|
| Max drawdown (400d) | -45.1% | -30.7% |
| Risk-adjusted return (90d) | -0.34 | 0.06 |
Relative strength over 90 days: CRCLON outperformed NFLXX by 24.6% — measured on the NFLXX/CRCLON ratio, so it holds regardless of market direction.