Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 325.0× the size of TON xStock (TONXX) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 25 shared trading days). TONXX has been the more volatile of the two, at 127% annualised against CRCLB's 82%.
$74.3300
TONXXCRCLB
0.26over 25 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 | TONXX | CRCLB |
|---|---|---|
| Max drawdown (400d) | -13.8% | -31.5% |
| Risk-adjusted return (90d) | 0.03 | 0.25 |
Relative strength over 90 days: TONXX outperformed CRCLB by 29.4% — measured on the TONXX/CRCLB ratio, so it holds regardless of market direction.