Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 4000.1× the size of Plug Power (Ondo Tokenized) (PLUGON) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 35 shared trading days). Both have run at a similar volatility, around 94% annualised.
$1.3500
$68.2600
PLUGONCRCLON
0.21over 35 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 | PLUGON | CRCLON |
|---|---|---|
| Max drawdown (400d) | -56.5% | -34.9% |
| Risk-adjusted return (90d) | -0.54 | -0.05 |
Relative strength over 90 days: CRCLON outperformed PLUGON by 23.7% — measured on the PLUGON/CRCLON ratio, so it holds regardless of market direction.