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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 26.8× the size of iShares Gold Trust (Ondo Tokenized Stock) (IAUON) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 35 shared trading days). IAUON has been the more volatile of the two, at 31% annualised against SPYON's 10%.

Correlation: 0.36
Size ratio: 1 : 26.8

iShares Gold Trust (Ondo Tokenized Stock)IAUON

$74.1500

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

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

$768.2800

24h: +1.15%
Market cap: $47.12M
Volume 24h: $1.56M
Volatility (ann.): 10%

IAUON 3.6%Share of the two combined market caps96.4% SPYON

Performance

IAUONSPYON

7 days-4.44%-1.77%SPYON
30 days-6.62%-1.20%SPYON
90 days+3.09%——
1 year-1.12%——

Correlation

0.36over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3990d: 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	SPYON
Max drawdown (400d)	-28.0%	-2.5%
Risk-adjusted return (90d)	0.12	-0.12

Relative strength over 90 days: SPYON outperformed IAUON by 9.9% — measured on the IAUON/SPYON ratio, so it holds regardless of market direction.

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