iShares Bitcoin Trust (Ondo Tokenized) vs SP500 xStock

SP500 xStock (SPYX) is 21.8× the size of iShares Bitcoin Trust (Ondo Tokenized) (IBITON) by market capitalisation. Over the past 30 days, IBITON is ahead by 5.6 percentage points (IBITON +4.5% against SPYX -1.1%). Their daily returns move loosely together (correlation 0.53 across 24 shared trading days). IBITON has been the more volatile of the two, at 44% annualised against SPYX's 11%.

Correlation: 0.53
Size ratio: 1 : 21.8
Ahead over 30 days: IBITON

iShares Bitcoin Trust (Ondo Tokenized)IBITON

$43.4700

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

SP500 xStockSPYX

$767.6400

24h: +1.37%
Market cap: $71.62M
Volume 24h: $8.36M
Volatility (ann.): 11%

IBITON 4.4%Share of the two combined market caps95.6% SPYX

Performance

IBITONSPYX

7 days-3.41%-1.60%SPYX
30 days+4.46%-1.10%IBITON

Correlation

0.53over 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	SPYX
Max drawdown (400d)	-7.2%	-2.7%
Risk-adjusted return (90d)	0.10	-0.14

Relative strength over 90 days: IBITON outperformed SPYX by 5.2% — measured on the IBITON/SPYX ratio, so it holds regardless of market direction.

iShares Bitcoin Trust (Ondo Tokenized) →SP500 xStock →