I have been forever confused about political ideologies but things started to make better sense for me when I started looking at the political spectrum in a multivariate way (i.e. not just a two variable/axis overton window). I think the "wrapping at the ends" happens because they are missing a variable to measure and with the limited (and not adequate) variables it appears to be the same at the extremes. Here are some examples of variables: collectivism vs private ownership, socialism vs capitalism, freedom vs authority, etc.