SP500 xStock (SPYX) is 40.7× the size of iShares Gold Trust (Ondo Tokenized Stock) (IAUON) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 35 shared trading days). IAUON has been the more volatile of the two, at 31% annualised against SPYX's 11%.
$74.1500
IAUONSPYX
0.40over 35 shared trading days
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.
| Metric | IAUON | SPYX |
|---|---|---|
| Max drawdown (400d) | -28.0% | -2.7% |
| Risk-adjusted return (90d) | 0.12 | -0.14 |
Relative strength over 90 days: SPYX outperformed IAUON by 7.3% — measured on the IAUON/SPYX ratio, so it holds regardless of market direction.