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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 20.3× the size of iShares China Large-Cap ETF (Ondo Tokenized) (FXION) by market capitalisation. Over the past 30 days, SPYON is ahead by 2.6 percentage points (FXION -3.8% against SPYON -1.2%). Their daily returns move barely in opposite directions (correlation -0.11 across 25 shared trading days). FXION has been the more volatile of the two, at 36% annualised against SPYON's 10%.

Correlation: -0.11
Size ratio: 1 : 20.3
Ahead over 30 days: SPYON

iShares China Large-Cap ETF (Ondo Tokenized)FXION

$33.3500

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

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

$763.4500

24h: +0.56%
Market cap: $46.83M
Volume 24h: $1.55M
Volatility (ann.): 10%

FXION 4.7%Share of the two combined market caps95.3% SPYON

Performance

FXIONSPYON

7 days-1.30%-1.77%FXION
30 days-3.81%-1.20%SPYON

Correlation

-0.11over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1190d: 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	SPYON
Max drawdown (400d)	-7.1%	-2.5%
Risk-adjusted return (90d)	-0.11	-0.12

Relative strength over 90 days: SPYON outperformed FXION by 3.0% — measured on the FXION/SPYON ratio, so it holds regardless of market direction.

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