Direxion Daily Semi Bull 3X ETF (Ondo Tokenized) vs SP500 xStock

SP500 xStock (SPYX) is 103.3× the size of Direxion Daily Semi Bull 3X ETF (Ondo Tokenized) (SOXLON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 38 shared trading days). SOXLON has been the more volatile of the two, at 182% annualised against SPYX's 11%.

Correlation: -0.11
Size ratio: 1 : 103.3

Direxion Daily Semi Bull 3X ETF (Ondo Tokenized)SOXLON

$63.7500

24h: -10.56%
Market cap: $696,823
Volume 24h: $2.08M
Volatility (ann.): 182%

SP500 xStockSPYX

$769.9700

24h: +1.84%
Market cap: $71.99M
Volume 24h: $8.41M
Volatility (ann.): 11%

SOXLON 1.0%Share of the two combined market caps99.0% SPYX

Performance

SOXLONSPYX

7 days-50.74%-0.05%SPYX
30 days-31.48%+1.05%SPYX
90 days-62.73%——

Correlation

-0.11over 38 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1490d: 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	SOXLON	SPYX
Max drawdown (400d)	-62.8%	-2.7%
Risk-adjusted return (90d)	-0.35	0.01

Relative strength over 90 days: SPYX outperformed SOXLON by 42.1% — measured on the SOXLON/SPYX ratio, so it holds regardless of market direction.

Direxion Daily Semi Bull 3X ETF (Ondo Tokenized) →SP500 xStock →