Invesco QQQ Trust (bStocks Tokenized Stock) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 35.4× the size of Invesco QQQ Trust (bStocks Tokenized Stock) (QQQB) by market capitalisation. Their daily returns move closely together (correlation 0.72 across 53 shared trading days). QQQB has been the more volatile of the two, at 20% annualised against SPYON's 10%.

Correlation: 0.72
Size ratio: 1 : 35.4

Invesco QQQ Trust (bStocks Tokenized Stock)QQQB

$692.5600

24h: -0.24%
Market cap: $1.33M
Volume 24h: $2.61M
Volatility (ann.): 20%

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

$767.6300

24h: +1.13%
Market cap: $47.08M
Volume 24h: $1.56M
Volatility (ann.): 10%

QQQB 2.7%Share of the two combined market caps97.3% SPYON

Performance

QQQBSPYON

7 days-5.05%-1.77%SPYON
30 days-8.68%-1.20%SPYON
90 days-4.23%——

Correlation

0.72over 53 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.8190d: 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	QQQB	SPYON
Max drawdown (400d)	-10.1%	-2.5%
Risk-adjusted return (90d)	-0.25	-0.12

Relative strength over 90 days: SPYON outperformed QQQB by 2.8% — measured on the QQQB/SPYON ratio, so it holds regardless of market direction.

Invesco QQQ Trust (bStocks Tokenized Stock) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →