SP500 xStock (SPYX) is 208.3× the size of Global X Uranium ETF (Ondo Tokenized) (URAON) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 35 shared trading days). URAON has been the more volatile of the two, at 48% annualised against SPYX's 11%.
$33.0700
URAONSPYX
0.37over 35 shared trading days
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.
| Metric | URAON | SPYX |
|---|---|---|
| Max drawdown (400d) | -34.9% | -2.7% |
| Risk-adjusted return (90d) | -0.14 | 0.01 |
Relative strength over 90 days: SPYX outperformed URAON by 10.1% — measured on the URAON/SPYX ratio, so it holds regardless of market direction.