Invesco QQQ • Robinhood Token vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 7.9× the size of Invesco QQQ • Robinhood Token (QQQ) by market capitalisation. Over the past 30 days, SPYON is ahead by 4.6 percentage points (QQQ -3.8% against SPYON +0.8%). Their daily returns move closely together (correlation 0.74 across 35 shared trading days). QQQ has been the more volatile of the two, at 24% annualised against SPYON's 10%.

Correlation: 0.74
Size ratio: 1 : 7.9
Ahead over 30 days: SPYON

Invesco QQQ • Robinhood TokenQQQ

$675.8900

24h: -1.19%
Market cap: $5.99M
Volume 24h: $4.54M
Volatility (ann.): 24%

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

$773.6700

24h: +2.00%
Market cap: $47.44M
Volume 24h: $1.64M
Volatility (ann.): 10%

QQQ 11.2%Share of the two combined market caps88.8% SPYON

Performance

QQQSPYON

7 days-1.76%-0.31%SPYON
30 days-3.83%+0.82%SPYON

Correlation

0.74over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7390d: 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	QQQ	SPYON
Max drawdown (400d)	-8.2%	-2.5%
Risk-adjusted return (90d)	-0.15	0.02

Relative strength over 90 days: SPYON outperformed QQQ by 3.0% — measured on the QQQ/SPYON ratio, so it holds regardless of market direction.

Invesco QQQ • Robinhood Token →SPDR S&P 500 ETF (Ondo Tokenized ETF) →