iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 6.3× the size of iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) (SGOVON) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 41 shared trading days). STRCON has been the more volatile of the two, at 20% annualised against SGOVON's 12%.

Correlation: 0.20
Size ratio: 1 : 6.3

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%

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.4800

24h: -0.47%
Market cap: $53.14M
Volume 24h: $700,457
Volatility (ann.): 20%

SGOVON 13.8%Share of the two combined market caps86.2% STRCON

Performance

SGOVONSTRCON

7 days-0.04%+0.80%STRCON
30 days+3.55%+3.71%STRCON
90 days—+18.91%—

Correlation

0.20over 41 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2090d: 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	STRCON
Max drawdown (400d)	-1.5%	-4.3%
Risk-adjusted return (90d)	0.29	1.13

Relative strength over 90 days: STRCON outperformed SGOVON by 1.1% — measured on the SGOVON/STRCON ratio, so it holds regardless of market direction.

iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized ETF) →Strategy Stretch Preferred (Ondo Tokenized) →