Circle Internet Group (Ondo Tokenized Stock) (CRCLON) is 90.6× the size of Uber (Ondo Tokenized Stock) (UBERON) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 42 shared trading days). CRCLON has been the more volatile of the two, at 98% annualised against UBERON's 37%.
$66.1300
$73.7900
UBERONCRCLON
0.12over 42 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 | CRCLON |
|---|---|---|
| Max drawdown (400d) | -34.9% | -30.7% |
| Risk-adjusted return (90d) | -0.27 | 0.06 |
| Best 30 days (past year) | +20.2% | — |
| Worst 30 days (past year) | -17.6% | — |
Relative strength over 90 days: CRCLON outperformed UBERON by 15.6% — measured on the UBERON/CRCLON ratio, so it holds regardless of market direction.