iShares 20+ Year 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 2.4× the size of iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) (TLTON) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 37 shared trading days). TLTON has been the more volatile of the two, at 13% annualised against SPYON's 10%.

Correlation: 0.22
Size ratio: 1 : 2.4

iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF)TLTON

$85.7100

24h: -0.31%
Market cap: $19.55M
Volume 24h: $6,264
Volatility (ann.): 13%

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

$773.9500

24h: +1.83%
Market cap: $47.46M
Volume 24h: $1.30M
Volatility (ann.): 10%

TLTON 29.2%Share of the two combined market caps70.8% SPYON

Performance

TLTONSPYON

7 days+2.32%-1.77%TLTON
30 days-0.49%-1.20%TLTON
90 days-3.89%——
1 year-4.99%——

Correlation

0.22over 37 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2590d: 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	TLTON	SPYON
Max drawdown (400d)	-11.2%	-2.5%
Risk-adjusted return (90d)	-0.20	-0.12

Relative strength over 90 days: SPYON outperformed TLTON by 0.7% — measured on the TLTON/SPYON ratio, so it holds regardless of market direction.

iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →