iShares Core S&P 500 ETF (Ondo Tokenized ETF) vs SP500 xStock

SP500 xStock (SPYX) is 1.2× the size of iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) by market capitalisation. Over the past 30 days, IVVON is ahead by 10.9 percentage points (IVVON +9.8% against SPYX -1.1%). Their daily returns move barely together (correlation 0.05 across 55 shared trading days). IVVON has been the more volatile of the two, at 71% annualised against SPYX's 11%.

Correlation: 0.05
Size ratio: 1 : 1.2
Ahead over 30 days: IVVON

iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVON

$777.5200

24h: +1.22%
Market cap: $60.56M
Volume 24h: $1,326
Volatility (ann.): 71%

SP500 xStockSPYX

$772.9400

24h: +1.77%
Market cap: $72.25M
Volume 24h: $8.60M
Volatility (ann.): 11%

IVVON 45.6%Share of the two combined market caps54.4% SPYX

Performance

IVVONSPYX

7 days-1.45%-1.60%IVVON
30 days+9.76%-1.10%IVVON

Correlation

0.05over 55 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0190d: 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	IVVON	SPYX
Max drawdown (400d)	-15.7%	-2.7%
Risk-adjusted return (90d)	-0.02	-0.14

Relative strength over 90 days: IVVON outperformed SPYX by 0.4% — measured on the IVVON/SPYX ratio, so it holds regardless of market direction.

iShares Core S&P 500 ETF (Ondo Tokenized ETF) →SP500 xStock →