Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 13546.7× the size of Tesla aStock (ATSLA) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 31 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against ATSLA's 43%.
$69.6100
ATSLACRCLB
0.17over 31 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 | ATSLA | CRCLB |
|---|---|---|
| Max drawdown (400d) | -8.2% | -31.5% |
| Risk-adjusted return (90d) | 0.13 | 0.23 |
Relative strength over 90 days: ATSLA outperformed CRCLB by 15.7% — measured on the ATSLA/CRCLB ratio, so it holds regardless of market direction.