Direxion Semiconductor Bear 3X ETF (bStocks Tokenized Stock) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 41.4× the size of Direxion Semiconductor Bear 3X ETF (bStocks Tokenized Stock) (SOXSB) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.57 across 53 shared trading days). SOXSB has been the more volatile of the two, at 140% annualised against SPYON's 10%.

Correlation: -0.57
Size ratio: 1 : 41.4

Direxion Semiconductor Bear 3X ETF (bStocks Tokenized Stock)SOXSB

$50.9100

24h: +1.48%
Market cap: $1.14M
Volume 24h: $3.32M
Volatility (ann.): 140%

SPDR S&P 500 ETF (Ondo Tokenized ETF)SPYON

$768.2800

24h: +1.15%
Market cap: $47.12M
Volume 24h: $1.56M
Volatility (ann.): 10%

SOXSB 2.4%Share of the two combined market caps97.6% SPYON

Performance

SOXSBSPYON

7 days+22.14%-1.77%SOXSB
30 days+78.96%-1.20%SOXSB
90 days+15.41%——

Correlation

-0.57over 53 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.7090d: 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	SOXSB	SPYON
Max drawdown (400d)	-59.9%	-2.5%
Risk-adjusted return (90d)	0.13	-0.12

Relative strength over 90 days: SOXSB outperformed SPYON by 11.9% — measured on the SOXSB/SPYON ratio, so it holds regardless of market direction.

Direxion Semiconductor Bear 3X ETF (bStocks Tokenized Stock) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →