iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) vs SP500 xStock

SP500 xStock (SPYX) is 8.5× the size of iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) (SGOVON) by market capitalisation. Over the past 30 days, SGOVON is ahead by 4.7 percentage points (SGOVON +3.5% against SPYX -1.1%). Their daily returns move barely in opposite directions (correlation -0.14 across 35 shared trading days). Both have run at a similar volatility, around 11% annualised.

Correlation: -0.14
Size ratio: 1 : 8.5
Ahead over 30 days: SGOVON

iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF)SGOVON

$102.8600

24h: +0.00%
Market cap: $8.50M
Volume 24h: $124,018
Volatility (ann.): 12%

SP500 xStockSPYX

$773.4200

24h: +1.88%
Market cap: $72.30M
Volume 24h: $9.66M
Volatility (ann.): 11%

SGOVON 10.5%Share of the two combined market caps89.5% SPYX

Performance

SGOVONSPYX

7 days-0.04%-1.60%SGOVON
30 days+3.55%-1.10%SGOVON

Correlation

-0.14over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1590d: 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	SGOVON	SPYX
Max drawdown (400d)	-1.5%	-2.7%
Risk-adjusted return (90d)	0.29	-0.14

Relative strength over 90 days: SGOVON outperformed SPYX by 5.4% — measured on the SGOVON/SPYX ratio, so it holds regardless of market direction.

iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) →SP500 xStock →