iShares China Large-Cap ETF (Ondo Tokenized) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 25.9× the size of iShares China Large-Cap ETF (Ondo Tokenized) (FXION) by market capitalisation. Over the past 30 days, IVVON is ahead by 13.6 percentage points (FXION -3.8% against IVVON +9.8%). Their daily returns move loosely in opposite directions (correlation -0.54 across 23 shared trading days). IVVON has been the more volatile of the two, at 71% annualised against FXION's 36%.

Correlation: -0.54
Size ratio: 1 : 25.9
Ahead over 30 days: IVVON

iShares China Large-Cap ETF (Ondo Tokenized)FXION

$33.3500

24h: +0.23%
Market cap: $2.31M
Volume 24h: $3.72M
Volatility (ann.): 36%

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

$768.9300

24h: +0.66%
Market cap: $59.87M
Volume 24h: $1,667
Volatility (ann.): 71%

FXION 3.7%Share of the two combined market caps96.3% IVVON

Performance

FXIONIVVON

7 days-1.30%-1.45%FXION
30 days-3.81%+9.76%IVVON

Correlation

-0.54over 23 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	FXION	IVVON
Max drawdown (400d)	-7.1%	-15.7%
Risk-adjusted return (90d)	-0.11	-0.02

Relative strength over 90 days: IVVON outperformed FXION by 2.7% — measured on the FXION/IVVON ratio, so it holds regardless of market direction.

iShares China Large-Cap ETF (Ondo Tokenized) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →