Breakwave Tanker Shipping ETF (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 2883.2× the size of Breakwave Tanker Shipping ETF (Ondo Tokenized) (BWETON) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 21 shared trading days). BWETON has been the more volatile of the two, at 136% annualised against STRCON's 20%.

Correlation: 0.03
Size ratio: 1 : 2883.2

Breakwave Tanker Shipping ETF (Ondo Tokenized)BWETON

$675.9300

24h: -3.11%
Market cap: $18,387
Volume 24h: $10
Volatility (ann.): 136%

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.2100

24h: -0.58%
Market cap: $53.01M
Volume 24h: $478,939
Volatility (ann.): 20%

BWETON 0.0%Share of the two combined market caps100.0% STRCON

Performance

BWETONSTRCON

7 days+32.84%-0.14%BWETON
30 days+76.02%+3.40%BWETON
90 days—+19.05%—

Correlation

0.03over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	BWETON	STRCON
Max drawdown (400d)	-24.3%	-4.3%
Risk-adjusted return (90d)	0.56	1.14

Relative strength over 90 days: BWETON outperformed STRCON by 43.0% — measured on the BWETON/STRCON ratio, so it holds regardless of market direction.

Breakwave Tanker Shipping ETF (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →