SpaceX (Backpack Securities) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 7.2× the size of SpaceX (Backpack Securities) (SPCX) by market capitalisation. Over the past 30 days, SPCX is ahead by 9.3 percentage points (SPCX -7.3% against CRCLON -16.7%). Their daily returns move loosely together (correlation 0.40 across 34 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against SPCX's 43%.

Correlation: 0.40
Size ratio: 1 : 7.2
Ahead over 30 days: SPCX

SpaceX (Backpack Securities)SPCX

$136.1900

24h: -0.90%
Market cap: $12.17M
Volume 24h: $10.72M
Volatility (ann.): 43%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$74.3200

24h: +2.18%
Market cap: $87.59M
Volume 24h: $1.03M
Volatility (ann.): 98%

SPCX 12.2%Share of the two combined market caps87.8% CRCLON

Performance

SPCXCRCLON

7 days-4.65%-6.27%SPCX
30 days-7.33%-16.67%SPCX

Correlation

0.40over 34 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3890d: 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	SPCX	CRCLON
Max drawdown (400d)	-12.4%	-30.7%
Risk-adjusted return (90d)	0.02	0.06

Relative strength over 90 days: SPCX outperformed CRCLON by 17.3% — measured on the SPCX/CRCLON ratio, so it holds regardless of market direction.

SpaceX (Backpack Securities) →Circle Internet Group (Ondo Tokenized Stock) →