SP500 xStock (SPYX) is 4.3× the size of iShares Core MSCI EAFE ETF (Ondo Tokenized ETF) (IEFAON) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 35 shared trading days). IEFAON has been the more volatile of the two, at 25% annualised against SPYX's 11%.
$98.0600
IEFAONSPYX
0.28over 35 shared trading days
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.
| Metric | IEFAON | SPYX |
|---|---|---|
| Max drawdown (400d) | -11.0% | -2.7% |
| Risk-adjusted return (90d) | 0.09 | -0.14 |
Relative strength over 90 days: SPYX outperformed IEFAON by 1.2% — measured on the IEFAON/SPYX ratio, so it holds regardless of market direction.