Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 1477.0× the size of OPEN xStock (OPENX) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 27 shared trading days). Both have run at a similar volatility, around 77% annualised.
$66.7400
OPENXCRCLB
0.25over 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 | OPENX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -28.4% | -31.5% |
| Risk-adjusted return (90d) | -0.28 | 0.23 |
Relative strength over 90 days: CRCLB outperformed OPENX by 1.1% — measured on the OPENX/CRCLB ratio, so it holds regardless of market direction.