Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 6.6× the size of Tesla (Ondo Tokenized Stock) (TSLAON) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 120 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against TSLAON's 45%.
$388.1600
$76.5400
TSLAONCRCLB
0.34over 120 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 | TSLAON | CRCLB |
|---|---|---|
| Max drawdown (400d) | -39.2% | -31.5% |
| Risk-adjusted return (90d) | -0.05 | 0.25 |
| Best 30 days (past year) | +26.8% | — |
| Worst 30 days (past year) | -27.2% | — |
Relative strength over 90 days: CRCLB outperformed TSLAON by 13.2% — measured on the TSLAON/CRCLB ratio, so it holds regardless of market direction.