Strategy (bStocks Tokenized Stock) vs Circle Internet Group (Ondo Tokenized Stock)

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 1.8× the size of Strategy (bStocks Tokenized Stock) (MSTRB) by market capitalisation. Their daily returns move closely together (correlation 0.83 across 56 shared trading days). Both have run at a similar volatility, around 93% annualised.

Correlation: 0.83
Size ratio: 1 : 1.8

Strategy (bStocks Tokenized Stock)MSTRB

$137.3100

24h: +5.27%
Market cap: $49.98M
Volume 24h: $15.58M
Volatility (ann.): 88%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$75.1900

24h: +4.70%
Market cap: $88.78M
Volume 24h: $695,113
Volatility (ann.): 98%

MSTRB 36.0%Share of the two combined market caps64.0% CRCLON

Performance

MSTRBCRCLON

7 days-4.52%-6.27%MSTRB
30 days-18.17%-16.67%CRCLON
90 days+37.80%——

Correlation

0.83over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7590d: 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	MSTRB	CRCLON
Max drawdown (400d)	-22.6%	-30.7%
Risk-adjusted return (90d)	0.44	0.06

Relative strength over 90 days: MSTRB outperformed CRCLON by 37.0% — measured on the MSTRB/CRCLON ratio, so it holds regardless of market direction.

Strategy (bStocks Tokenized Stock) →Circle Internet Group (Ondo Tokenized Stock) →