Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 3.5× the size of Tesla (Ondo Tokenized Stock) (TSLAON) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 44 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against TSLAON's 45%.
$380.1500
$73.2000
TSLAONCRCLON
0.37over 44 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 | CRCLON |
|---|---|---|
| Max drawdown (400d) | -39.2% | -30.7% |
| Risk-adjusted return (90d) | -0.05 | 0.06 |
| Best 30 days (past year) | +26.8% | — |
| Worst 30 days (past year) | -27.2% | — |
Relative strength over 90 days: TSLAON outperformed CRCLON by 12.2% — measured on the TSLAON/CRCLON ratio, so it holds regardless of market direction.