iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 5.6× 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 SPYON -1.2%). Their daily returns move barely in opposite directions (correlation -0.02 across 37 shared trading days). SGOVON has been the more volatile of the two, at 12% annualised against SPYON's 10%.

Correlation: -0.02
Size ratio: 1 : 5.6
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%

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

$773.3600

24h: +1.36%
Market cap: $47.45M
Volume 24h: $1.68M
Volatility (ann.): 10%

SGOVON 15.2%Share of the two combined market caps84.8% SPYON

Performance

SGOVONSPYON

7 days-0.04%-1.77%SGOVON
30 days+3.55%-1.20%SGOVON

Correlation

-0.02over 37 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0190d: 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	SPYON
Max drawdown (400d)	-1.5%	-2.5%
Risk-adjusted return (90d)	0.29	-0.12

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

iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →