Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 2.3× the size of Tesla xStock (TSLAX) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 55 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against TSLAX's 44%.
$74.3300
TSLAXCRCLB
0.37over 55 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 | TSLAX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -7.2% | -31.5% |
| Risk-adjusted return (90d) | 0.31 | 0.25 |
Relative strength over 90 days: TSLAX outperformed CRCLB by 21.6% — measured on the TSLAX/CRCLB ratio, so it holds regardless of market direction.