Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 489.9× the size of SharpLink Gaming, Inc (Ondo Tokenized Stock) (SBETON) by market capitalisation. Their daily returns move closely together (correlation 0.67 across 113 shared trading days). Both have run at a similar volatility, around 82% annualised.
$6.5300
$73.8400
SBETONCRCLB
0.67over 113 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 | SBETON | CRCLB |
|---|---|---|
| Max drawdown (400d) | -76.2% | -31.5% |
| Risk-adjusted return (90d) | 0.72 | 0.25 |
| Best 30 days (past year) | +44.9% | — |
| Worst 30 days (past year) | -43.3% | — |
Relative strength over 90 days: SBETON outperformed CRCLB by 32.7% — measured on the SBETON/CRCLB ratio, so it holds regardless of market direction.