iShares Ethereum Trust (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 70.7× the size of iShares Ethereum Trust (Ondo Tokenized) (ETHAON) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 25 shared trading days). ETHAON has been the more volatile of the two, at 192% annualised against STRCON's 20%.

Correlation: 0.32
Size ratio: 1 : 70.7

iShares Ethereum Trust (Ondo Tokenized)ETHAON

$16.8800

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.2100

24h: -0.58%
Market cap: $53.01M
Volume 24h: $478,939
Volatility (ann.): 20%

ETHAON 1.4%Share of the two combined market caps98.6% STRCON

Performance

ETHAONSTRCON

7 days-0.44%-0.14%STRCON
30 days+11.09%+3.40%ETHAON
90 days—+19.05%—

Correlation

0.32over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3290d: 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	STRCON
Max drawdown (400d)	-28.6%	-4.3%
Risk-adjusted return (90d)	0.06	1.14

Relative strength over 90 days: ETHAON outperformed STRCON by 8.0% — measured on the ETHAON/STRCON ratio, so it holds regardless of market direction.

iShares Ethereum Trust (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →