iShares Gold Trust (Ondo Tokenized Stock) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 34.3× the size of iShares Gold Trust (Ondo Tokenized Stock) (IAUON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 35 shared trading days). IVVON has been the more volatile of the two, at 71% annualised against IAUON's 31%.

Correlation: -0.01
Size ratio: 1 : 34.3

iShares Gold Trust (Ondo Tokenized Stock)IAUON

$74.1500

24h: -0.21%
Market cap: $1.76M
Volume 24h: $618,275
Volatility (ann.): 31%

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

$774.5700

24h: +1.17%
Market cap: $60.31M
Volume 24h: $1,651
Volatility (ann.): 71%

IAUON 2.8%Share of the two combined market caps97.2% IVVON

Performance

IAUONIVVON

7 days-4.44%-1.45%IVVON
30 days-6.62%+9.76%IVVON
90 days+3.09%——
1 year-1.12%——

Correlation

-0.01over 35 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	IAUON	IVVON
Max drawdown (400d)	-28.0%	-15.7%
Risk-adjusted return (90d)	0.12	-0.02

Relative strength over 90 days: IVVON outperformed IAUON by 7.5% — measured on the IAUON/IVVON ratio, so it holds regardless of market direction.

iShares Gold Trust (Ondo Tokenized Stock) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →