On Holding AG Tokenized Stock (Reality) vs Circle Internet Group (bStocks Tokenized Stock)

Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 20297.9× the size of On Holding AG Tokenized Stock (Reality) (RONON) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 26 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against RONON's 45%.

Correlation: 0.15
Size ratio: 1 : 20297.9

On Holding AG Tokenized Stock (Reality)RONON

$36.4700

24h: +2.97%
Market cap: $8,155
Volume 24h: $31
Volatility (ann.): 45%

Circle Internet Group (bStocks Tokenized Stock)CRCLB

$76.3600

24h: +0.66%
Market cap: $165.52M
Volume 24h: $44.11M
Volatility (ann.): 82%

RONON 0.0%Share of the two combined market caps100.0% CRCLB

Performance

RONONCRCLB

7 days+6.35%-7.34%RONON
30 days+28.98%-10.38%RONON
90 days—+21.21%—

Correlation

0.15over 26 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1590d: 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	RONON	CRCLB
Max drawdown (400d)	-3.0%	-31.5%
Risk-adjusted return (90d)	0.64	0.25

Relative strength over 90 days: RONON outperformed CRCLB by 27.8% — measured on the RONON/CRCLB ratio, so it holds regardless of market direction.

On Holding AG Tokenized Stock (Reality) →Circle Internet Group (bStocks Tokenized Stock) →