PDD Holdings (Ondo Tokenized) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 6.5× the size of PDD Holdings (Ondo Tokenized) (PDDON) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 35 shared trading days). CRCLON has been the more volatile of the two, at 97% annualised against PDDON's 34%.

Correlation: 0.08
Size ratio: 1 : 6.5

PDD Holdings (Ondo Tokenized)PDDON

$83.2100

24h: +4.09%
Market cap: $11.97M
Volume 24h: $538,826
Volatility (ann.): 34%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$65.9400

24h: -11.11%
Market cap: $77.68M
Volume 24h: $1.00M
Volatility (ann.): 97%

PDDON 13.4%Share of the two combined market caps86.6% CRCLON

Performance

PDDONCRCLON

7 days-2.18%-5.63%PDDON
30 days-9.48%-15.88%PDDON
90 days+1.65%——

Correlation

0.08over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0790d: 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	PDDON	CRCLON
Max drawdown (400d)	-31.1%	-30.7%
Risk-adjusted return (90d)	0.05	0.06

Relative strength over 90 days: CRCLON outperformed PDDON by 25.4% — measured on the PDDON/CRCLON ratio, so it holds regardless of market direction.

PDD Holdings (Ondo Tokenized) →Circle Internet Group (Ondo Tokenized Stock) →