Bitcoin (BTC) is 23167.9× the size of iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 31 shared trading days). Both have run at a similar volatility, around 44% annualised.
| Period | IVVON | BTC | Ahead |
|---|---|---|---|
| 7 days | -0.59% | +5.14% | BTC |
| 30 days | -1.08% | +11.26% | BTC |
| 90 days | — | +28.33% | — |
| 1 year | — | -29.73% | — |
| Metric | IVVON | BTC |
|---|---|---|
| Max drawdown (400d) | -10.4% | -53.0% |
| Risk-adjusted return (90d) | -0.02 | 0.74 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed IVVON by 15.2% — measured on the IVVON/BTC ratio, so it holds regardless of market direction.
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.