iShares Bitcoin Trust (Ondo Tokenized) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 18.3× the size of iShares Bitcoin Trust (Ondo Tokenized) (IBITON) by market capitalisation. Over the past 30 days, IVVON is ahead by 5.3 percentage points (IBITON +4.5% against IVVON +9.8%). Their daily returns move barely together (correlation 0.23 across 24 shared trading days). IVVON has been the more volatile of the two, at 71% annualised against IBITON's 44%.

Correlation: 0.23
Size ratio: 1 : 18.3
Ahead over 30 days: IVVON

iShares Bitcoin Trust (Ondo Tokenized)IBITON

$43.4700

24h: -0.50%
Market cap: $3.29M
Volume 24h: $94
Volatility (ann.): 44%

iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVON

$774.4400

24h: +1.14%
Market cap: $60.24M
Volume 24h: $1,213
Volatility (ann.): 71%

IBITON 5.2%Share of the two combined market caps94.8% IVVON

Performance

IBITONIVVON

7 days-3.41%-1.45%IVVON
30 days+4.46%+9.76%IVVON

Correlation

0.23over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	IBITON	IVVON
Max drawdown (400d)	-7.2%	-15.7%
Risk-adjusted return (90d)	0.10	-0.02

Relative strength over 90 days: IBITON outperformed IVVON by 5.1% — measured on the IBITON/IVVON ratio, so it holds regardless of market direction.

iShares Bitcoin Trust (Ondo Tokenized) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →