I'd define a special \xcirc command:
\documentclass{article}
\usepackage{relsize}
\makeatletter
\newcommand{\xcirc}[1][]{%
% ensure it's used in math and consider it as an Ord atom
% \mathpalette will remember the current math style
\mathord{\mathpalette{\james@xcirc}{#1}}%
}
\newcommand{\james@xcirc}[2]{%
% center vertically with respect to the math axis
\vcenter{\hbox{$\m@th#1\@nameuse{james@#2@size}{\circ}$}}%
}
\let\james@@size\@firstofone
\let\james@l@size\mathlarger
\let\james@s@size\mathsmaller
\makeatother
\begin{document}
$A^{\xcirc[l]\xcirc[s]}$
$\scriptstyle A^{\xcirc[l]\xcirc[s]}$
{\Large $A^{\xcirc[l]\xcirc[s]}$\par}
\end{document}

In order to ease input, the optional argument to \xcirc is just a letter (l for “larger”, s for “smaller”) and I define \james@<arg>@size for translating it into the correct call of \mathlarger or \mathsmaller (no optional argument will use the standard size, like {\circ}).
You might want to allow \xcirc[ll] by adding
\newcommand{\james@ll@size}[1]{%
\mathlarger{\mathlarger{#1}}%
}
so you apply \mathlarger twice. Similarly for \xcirc[ss].
\vcentercomes in handy to centre something on the math axis. – campa Apr 11 '18 at 09:41