iShares Core MSCI EAFE ETF (Ondo Tokenized ETF) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 3.2× the size of iShares Core MSCI EAFE ETF (Ondo Tokenized ETF) (IEFAON) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 91 shared trading days). IEFAON has been the more volatile of the two, at 25% annualised against STRCON's 20%.

Correlation: 0.20
Size ratio: 1 : 3.2

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%

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.6300

24h: -0.26%
Market cap: $53.20M
Volume 24h: $702,281
Volatility (ann.): 20%

IEFAON 24.0%Share of the two combined market caps76.0% STRCON

Performance

IEFAONSTRCON

7 days-0.46%+0.80%STRCON
30 days-2.03%+3.71%STRCON
90 days+1.97%+18.91%STRCON
1 year+13.53%——

Correlation

0.20over 91 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1290d: 0.201y: 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	STRCON
Max drawdown (400d)	-11.0%	-4.3%
Risk-adjusted return (90d)	0.09	1.13

Relative strength over 90 days: STRCON outperformed IEFAON by 14.8% — measured on the IEFAON/STRCON ratio, so it holds regardless of market direction.

iShares Core MSCI EAFE ETF (Ondo Tokenized ETF) →Strategy Stretch Preferred (Ondo Tokenized) →