iShares Bitcoin Trust (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 16.1× the size of iShares Bitcoin Trust (Ondo Tokenized) (IBITON) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 30 shared trading days). IBITON has been the more volatile of the two, at 44% annualised against STRCON's 20%.

Correlation: 0.30
Size ratio: 1 : 16.1

iShares Bitcoin Trust (Ondo Tokenized)IBITON

$43.4700

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.5100

24h: -0.32%
Market cap: $52.94M
Volume 24h: $1.14M
Volatility (ann.): 20%

IBITON 5.8%Share of the two combined market caps94.2% STRCON

Performance

IBITONSTRCON

7 days-3.41%+0.80%STRCON
30 days+4.46%+3.71%IBITON
90 days—+18.91%—

Correlation

0.30over 30 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	STRCON
Max drawdown (400d)	-7.2%	-4.3%
Risk-adjusted return (90d)	0.10	1.13

Relative strength over 90 days: IBITON outperformed STRCON by 2.5% — measured on the IBITON/STRCON ratio, so it holds regardless of market direction.

iShares Bitcoin Trust (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →