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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 14.3× the size of iShares Bitcoin Trust (Ondo Tokenized) (IBITON) by market capitalisation. Over the past 30 days, IBITON is ahead by 5.7 percentage points (IBITON +4.5% against SPYON -1.2%). Their daily returns move barely together (correlation 0.30 across 26 shared trading days). IBITON has been the more volatile of the two, at 44% annualised against SPYON's 10%.

Correlation: 0.30
Size ratio: 1 : 14.3
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%

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

$768.5900

24h: +1.24%
Market cap: $47.12M
Volume 24h: $1.55M
Volatility (ann.): 10%

IBITON 6.5%Share of the two combined market caps93.5% SPYON

Performance

IBITONSPYON

7 days-3.41%-1.77%SPYON
30 days+4.46%-1.20%IBITON

Correlation

0.30over 26 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3090d: 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	SPYON
Max drawdown (400d)	-7.2%	-2.5%
Risk-adjusted return (90d)	0.10	-0.12

Relative strength over 90 days: IBITON outperformed SPYON by 5.0% — measured on the IBITON/SPYON ratio, so it holds regardless of market direction.

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