BLSH vs. CRCL

Last updated Jun 23, 2026

BLSH (Bullish) and CRCL (Circle Internet Group, Inc.) are both stocks. BLSH operates in Software - Infrastructure (Technology), while CRCL operates in Capital Markets (Financial Services). A 0.59 correlation means they provide meaningful diversification when combined.

Performance

BLSH vs. CRCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bullish (BLSH) and Circle Internet Group, Inc. (CRCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BLSH achieves a -33.75% return, which is significantly lower than CRCL's 0.82% return.

BLSH

• 1D: 4.11%
• 1M: -28.68%
• YTD: -33.75%
• 6M: -44.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CRCL

• 1D: -0.35%
• 1M: -29.32%
• YTD: 0.82%
• 6M: -8.10%
• 1Y: -66.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BLSH vs. CRCL - Yearly Performance Comparison

	2026 (YTD)	2025
BLSH Bullish	-33.75%	-57.92%
CRCL Circle Internet Group, Inc.	0.82%	-51.41%

Correlation

The correlation between BLSH and CRCL is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.59

Fundamentals

EPS BLSH : -$6.90 CRCL : -$0.54
PS Ratio BLSH : 0.02 CRCL : 4.08
Total Revenue (TTM) BLSH : $216.53B CRCL : $2.86B
Gross Profit (TTM) BLSH : $45.04M CRCL : $57.27M
EBITDA (TTM) BLSH : -$446.11M CRCL : -$129.43M

Return for Risk

BLSH vs. CRCL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BLSH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CRCL

CRCL Risk / Return Rank: 14
CRCL Sharpe Ratio Rank: 13
CRCL Sortino Ratio Rank: 13
CRCL Omega Ratio Rank: 15
CRCL Calmar Ratio Rank: 10
CRCL Martin Ratio Rank: 16

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BLSH vs. CRCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bullish (BLSH) and Circle Internet Group, Inc. (CRCL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BLSH	CRCL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.66	—
Sortino ratio: Return per unit of downside risk	—	-0.91	—
Omega ratio: Gain probability vs. loss probability	—	0.90	—
Calmar ratio: Return relative to maximum drawdown	—	-0.83	—
Martin ratio: Return relative to average drawdown	—	-1.14	—

Drawdowns

BLSH vs. CRCL - Drawdown Comparison

The maximum BLSH drawdown since its inception was -73.49%, smaller than the maximum CRCL drawdown of -80.93%. Use the drawdown chart below to compare losses from any high point for BLSH and CRCL.

Drawdown Indicators

	BLSH	CRCL	Difference
Max Drawdown Largest peak-to-trough decline	-73.49%	-80.93%	+7.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-80.93%	—
Current Drawdown Current decline from peak	-72.12%	-69.65%	-2.47%
Average Drawdown Average peak-to-trough decline	-51.65%	-54.18%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	58.44%	—

Volatility

Volatility by Period

	BLSH	CRCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	24.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	71.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	84.28%	101.10%	-16.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.28%	116.70%	-32.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.28%	116.70%	-32.42%

Dividends

BLSH vs. CRCL - Dividend Comparison

Neither BLSH nor CRCL has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

BLSH vs. CRCL - Profitability Comparison

The chart below illustrates the profitability comparison between Bullish and Circle Internet Group, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BLSH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Bullish reported a gross profit of 17.78M and revenue of 51.81B. Therefore, the gross margin over that period was 0.0%.

CRCL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Circle Internet Group, Inc. reported a gross profit of 0.00 and revenue of 694.13M. Therefore, the gross margin over that period was 0.0%.

BLSH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Bullish reported an operating income of -57.85M and revenue of 51.81B, resulting in an operating margin of -0.1%.

CRCL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Circle Internet Group, Inc. reported an operating income of 45.00M and revenue of 694.13M, resulting in an operating margin of 6.5%.

BLSH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Bullish reported a net income of -581.71M and revenue of 51.81B, resulting in a net margin of -1.1%.

CRCL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Circle Internet Group, Inc. reported a net income of 55.25M and revenue of 694.13M, resulting in a net margin of 8.0%.

Frequently Asked Questions

Can I hold both BLSH and CRCL in my portfolio?

BLSH and CRCL have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.