Direxion Daily Semi Bear 3X ETF (Ondo Tokenized) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 2737.3× the size of Direxion Daily Semi Bear 3X ETF (Ondo Tokenized) (SOXSON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 38 shared trading days). SOXSON has been the more volatile of the two, at 180% annualised against IVVON's 71%.

Correlation: -0.09
Size ratio: 1 : 2737.3

Direxion Daily Semi Bear 3X ETF (Ondo Tokenized)SOXSON

$7.4300

24h: +18.22%
Market cap: $21,208
Volume 24h: $165,332
Volatility (ann.): 180%

iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVON

$746.7100

24h: -4.00%
Market cap: $58.05M
Volume 24h: $4,678
Volatility (ann.): 71%

SOXSON 0.0%Share of the two combined market caps100.0% IVVON

Performance

SOXSONIVVON

7 days+106.84%-4.83%SOXSON
30 days+31.84%-3.71%SOXSON
90 days+72.96%——

Correlation

-0.09over 38 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0990d: 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	SOXSON	IVVON
Max drawdown (400d)	-55.3%	-15.7%
Risk-adjusted return (90d)	0.40	-0.07

Relative strength over 90 days: SOXSON outperformed IVVON by 60.6% — measured on the SOXSON/IVVON ratio, so it holds regardless of market direction.

Direxion Daily Semi Bear 3X ETF (Ondo Tokenized) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →