Circle Internet Group (bStocks Tokenized Stock) (CRCLB) is 165.5× the size of Uber (Ondo Tokenized Stock) (UBERON) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 117 shared trading days). CRCLB has been the more volatile of the two, at 82% annualised against UBERON's 37%.
$66.1300
$73.7000
UBERONCRCLB
0.23over 117 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 | UBERON | CRCLB |
|---|---|---|
| Max drawdown (400d) | -34.9% | -31.5% |
| Risk-adjusted return (90d) | -0.27 | 0.25 |
| Best 30 days (past year) | +20.2% | — |
| Worst 30 days (past year) | -17.6% | — |
Relative strength over 90 days: CRCLB outperformed UBERON by 21.9% — measured on the UBERON/CRCLB ratio, so it holds regardless of market direction.