Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 76.2× the size of SK Hynix (Ondo Tokenized) (SKHYON) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 41 shared trading days). Both have run at a similar volatility, around 103% annualised.
$144.8800
$73.7900
SKHYONCRCLON
0.20over 41 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 | SKHYON | CRCLON |
|---|---|---|
| Max drawdown (400d) | -26.5% | -30.7% |
| Risk-adjusted return (90d) | -0.09 | 0.06 |
Relative strength over 90 days: CRCLON outperformed SKHYON by 0.6% — measured on the SKHYON/CRCLON ratio, so it holds regardless of market direction.