iShares MSCI EAFE ETF (Ondo Tokenized ETF) vs SP500 xStock

SP500 xStock (SPYX) is 6.5× the size of iShares MSCI EAFE ETF (Ondo Tokenized ETF) (EFAON) by market capitalisation. Over the past 30 days, SPYX is ahead by 2.9 percentage points (EFAON -4.0% against SPYX -1.1%). Their daily returns move barely together (correlation 0.24 across 24 shared trading days). EFAON has been the more volatile of the two, at 65% annualised against SPYX's 11%.

Correlation: 0.24
Size ratio: 1 : 6.5
Ahead over 30 days: SPYX

iShares MSCI EAFE ETF (Ondo Tokenized ETF)EFAON

$105.7000

24h: -0.49%
Market cap: $11.08M
Volume 24h: $1
Volatility (ann.): 65%

SP500 xStockSPYX

$767.4700

24h: +1.53%
Market cap: $71.55M
Volume 24h: $7.57M
Volatility (ann.): 11%

EFAON 13.4%Share of the two combined market caps86.6% SPYX

Performance

EFAONSPYX

7 days-0.50%-1.60%EFAON
30 days-3.99%-1.10%SPYX

Correlation

0.24over 24 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	EFAON	SPYX
Max drawdown (400d)	-14.9%	-2.7%
Risk-adjusted return (90d)	-0.06	-0.14

Relative strength over 90 days: SPYX outperformed EFAON by 3.2% — measured on the EFAON/SPYX ratio, so it holds regardless of market direction.

iShares MSCI EAFE ETF (Ondo Tokenized ETF) →SP500 xStock →