Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 7.5× the size of Sandisk Corporation xStock (SNDKX) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 30 shared trading days). Both have run at a similar volatility, around 79% annualised.
$1,100.95
$76.0100
SNDKXCRCLB
0.24over 30 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 | SNDKX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -13.8% | -31.5% |
| Risk-adjusted return (90d) | 0.21 | 0.23 |
Relative strength over 90 days: SNDKX outperformed CRCLB by 18.9% — measured on the SNDKX/CRCLB ratio, so it holds regardless of market direction.