iShares China Large-Cap ETF (Ondo Tokenized) vs SP500 xStock

SP500 xStock (SPYX) is 30.7× the size of iShares China Large-Cap ETF (Ondo Tokenized) (FXION) by market capitalisation. Over the past 30 days, SPYX is ahead by 2.7 percentage points (FXION -3.8% against SPYX -1.1%). Their daily returns move barely together (correlation 0.12 across 23 shared trading days). FXION has been the more volatile of the two, at 36% annualised against SPYX's 11%.

Correlation: 0.12
Size ratio: 1 : 30.7
Ahead over 30 days: SPYX

iShares China Large-Cap ETF (Ondo Tokenized)FXION

$33.3500

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

SP500 xStockSPYX

$762.3900

24h: +0.94%
Market cap: $70.94M
Volume 24h: $7.86M
Volatility (ann.): 11%

FXION 3.2%Share of the two combined market caps96.8% SPYX

Performance

FXIONSPYX

7 days-1.30%-1.60%FXION
30 days-3.81%-1.10%SPYX

Correlation

0.12over 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	SPYX
Max drawdown (400d)	-7.1%	-2.7%
Risk-adjusted return (90d)	-0.11	-0.14

Relative strength over 90 days: SPYX outperformed FXION by 2.6% — measured on the FXION/SPYX ratio, so it holds regardless of market direction.

iShares China Large-Cap ETF (Ondo Tokenized) →SP500 xStock →