iShares China Large-Cap ETF (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 22.9× the size of iShares China Large-Cap ETF (Ondo Tokenized) (FXION) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 29 shared trading days). FXION has been the more volatile of the two, at 36% annualised against STRCON's 20%.

Correlation: 0.02
Size ratio: 1 : 22.9

iShares China Large-Cap ETF (Ondo Tokenized)FXION

$33.3500

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.6700

24h: +0.02%
Market cap: $53.00M
Volume 24h: $1.14M
Volatility (ann.): 20%

FXION 4.2%Share of the two combined market caps95.8% STRCON

Performance

FXIONSTRCON

7 days-1.30%+0.80%STRCON
30 days-3.81%+3.71%STRCON
90 days—+18.91%—

Correlation

0.02over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0290d: 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	STRCON
Max drawdown (400d)	-7.1%	-4.3%
Risk-adjusted return (90d)	-0.11	1.13

Relative strength over 90 days: STRCON outperformed FXION by 5.2% — measured on the FXION/STRCON ratio, so it holds regardless of market direction.

iShares China Large-Cap ETF (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →