iShares Ethereum Trust (Ondo Tokenized) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 60.6× the size of iShares Ethereum Trust (Ondo Tokenized) (ETHAON) by market capitalisation. Over the past 30 days, ETHAON is ahead by 15.2 percentage points (ETHAON +11.1% against SPYON -4.1%). Their daily returns move loosely together (correlation 0.51 across 21 shared trading days). ETHAON has been the more volatile of the two, at 192% annualised against SPYON's 17%.

Correlation: 0.51
Size ratio: 1 : 60.6
Ahead over 30 days: ETHAON

iShares Ethereum Trust (Ondo Tokenized)ETHAON

$16.8800

24h: -7.82%
Market cap: $749,635
Volume 24h: $3,210
Volatility (ann.): 192%

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

$742.5100

24h: -3.83%
Market cap: $45.45M
Volume 24h: $1.26M
Volatility (ann.): 17%

ETHAON 1.6%Share of the two combined market caps98.4% SPYON

Performance

ETHAONSPYON

7 days-0.44%-4.46%ETHAON
30 days+11.09%-4.08%ETHAON

Correlation

0.51over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	ETHAON	SPYON
Max drawdown (400d)	-28.6%	-5.7%
Risk-adjusted return (90d)	0.06	-0.29

Relative strength over 90 days: ETHAON outperformed SPYON by 9.6% — measured on the ETHAON/SPYON ratio, so it holds regardless of market direction.

iShares Ethereum Trust (Ondo Tokenized) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →