iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 2.7× the size of iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) (TLTON) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 93 shared trading days). STRCON has been the more volatile of the two, at 20% annualised against TLTON's 13%.

Correlation: 0.15
Size ratio: 1 : 2.7

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%

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.7100

24h: -0.04%
Market cap: $53.07M
Volume 24h: $510,794
Volatility (ann.): 20%

TLTON 26.9%Share of the two combined market caps73.1% STRCON

Performance

TLTONSTRCON

7 days+2.32%+0.80%TLTON
30 days-0.49%+3.71%STRCON
90 days-3.89%+18.91%STRCON
1 year-4.99%——

Correlation

0.15over 93 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.5190d: 0.201y: 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	STRCON
Max drawdown (400d)	-11.2%	-4.3%
Risk-adjusted return (90d)	-0.20	1.13

Relative strength over 90 days: STRCON outperformed TLTON by 18.7% — measured on the TLTON/STRCON ratio, so it holds regardless of market direction.

iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF) →Strategy Stretch Preferred (Ondo Tokenized) →