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

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 128.7× the size of Strategy (Backpack Securities) (MSTR) by market capitalisation. Over the past 30 days, MSTR is ahead by 16.0 percentage points (MSTR -0.6% against CRCLON -16.7%). Their daily returns move very closely together (correlation 0.87 across 30 shared trading days). Both have run at a similar volatility, around 99% annualised.

Correlation: 0.87
Size ratio: 1 : 128.7
Ahead over 30 days: MSTR

Strategy (Backpack Securities)MSTR

$132.5400

24h: +0.69%
Market cap: $686,319
Volume 24h: $448,883
Volatility (ann.): 100%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$75.0000

24h: -1.28%
Market cap: $88.30M
Volume 24h: $1.54M
Volatility (ann.): 98%

MSTR 0.8%Share of the two combined market caps99.2% CRCLON

Performance

MSTRCRCLON

7 days-3.75%-6.27%MSTR
30 days-0.64%-16.67%MSTR

Correlation

0.87over 30 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.8790d: 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	MSTR	CRCLON
Max drawdown (400d)	-22.8%	-30.7%
Risk-adjusted return (90d)	0.02	0.06

Relative strength over 90 days: MSTR outperformed CRCLON by 28.7% — measured on the MSTR/CRCLON ratio, so it holds regardless of market direction.

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