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

Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 550.7× the size of Terawulf (Ondo Tokenized) (WULFON) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 26 shared trading days). Both have run at a similar volatility, around 81% annualised.

Correlation: 0.24
Size ratio: 1 : 550.7

Terawulf (Ondo Tokenized)WULFON

$11.7000

24h: -6.66%
Market cap: $295,555
Volume 24h: $10,640
Volatility (ann.): 80%

Circle Internet Group (bStocks Tokenized Stock)CRCLB

$76.0300

24h: +5.18%
Market cap: $162.75M
Volume 24h: $43.00M
Volatility (ann.): 82%

WULFON 0.2%Share of the two combined market caps99.8% CRCLB

Performance

WULFONCRCLB

7 days-1.78%-5.56%WULFON
30 days-4.32%-9.22%WULFON
90 days—+19.24%—

Correlation

0.24over 26 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2490d: 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	WULFON	CRCLB
Max drawdown (400d)	-19.0%	-31.5%
Risk-adjusted return (90d)	-0.05	0.23

Relative strength over 90 days: WULFON outperformed CRCLB by 18.9% — measured on the WULFON/CRCLB ratio, so it holds regardless of market direction.

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