iShares Core MSCI EAFE ETF (Ondo Tokenized ETF) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 2.8× 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 SPYON's 10%.

Correlation: 0.28
Size ratio: 1 : 2.8

iShares Core MSCI EAFE ETF (Ondo Tokenized ETF)IEFAON

$98.0600

24h: -0.87%
Market cap: $16.77M
Volume 24h: $1.01M
Volatility (ann.): 25%

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

$773.9800

24h: +1.71%
Market cap: $47.49M
Volume 24h: $1.66M
Volatility (ann.): 10%

IEFAON 26.1%Share of the two combined market caps73.9% SPYON

Performance

IEFAONSPYON

7 days-0.46%-1.77%IEFAON
30 days-2.03%-1.20%SPYON
90 days+1.97%——
1 year+13.53%——

Correlation

0.28over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2990d: 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	IEFAON	SPYON
Max drawdown (400d)	-11.0%	-2.5%
Risk-adjusted return (90d)	0.09	-0.12

Relative strength over 90 days: SPYON outperformed IEFAON by 2.3% — measured on the IEFAON/SPYON ratio, so it holds regardless of market direction.

iShares Core MSCI EAFE ETF (Ondo Tokenized ETF) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →