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

Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 3.4× the size of Tesla (bStocks Tokenized Stock) (TSLAB) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 56 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against TSLAB's 45%.

Correlation: 0.32
Size ratio: 1 : 3.4

Tesla (bStocks Tokenized Stock)TSLAB

$378.3900

24h: -5.96%
Market cap: $25.85M
Volume 24h: $14.78M
Volatility (ann.): 45%

Circle Internet Group (Ondo Tokenized Stock)CRCLON

$73.7900

24h: +1.32%
Market cap: $86.85M
Volume 24h: $1.01M
Volatility (ann.): 98%

TSLAB 22.9%Share of the two combined market caps77.1% CRCLON

Performance

TSLABCRCLON

7 days-2.98%-6.27%TSLAB
30 days+6.37%-16.67%TSLAB
90 days+23.31%——

Correlation

0.32over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0190d: 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	TSLAB	CRCLON
Max drawdown (400d)	-29.9%	-30.7%
Risk-adjusted return (90d)	0.58	0.06

Relative strength over 90 days: TSLAB outperformed CRCLON by 11.4% — measured on the TSLAB/CRCLON ratio, so it holds regardless of market direction.

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