iShares MSCI EAFE ETF (Ondo Tokenized ETF) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 4.2× the size of iShares MSCI EAFE ETF (Ondo Tokenized ETF) (EFAON) by market capitalisation. Over the past 30 days, SPYON is ahead by 2.8 percentage points (EFAON -4.0% against SPYON -1.2%). Their daily returns move barely together (correlation 0.17 across 25 shared trading days). EFAON has been the more volatile of the two, at 65% annualised against SPYON's 10%.

Correlation: 0.17
Size ratio: 1 : 4.2
Ahead over 30 days: SPYON

iShares MSCI EAFE ETF (Ondo Tokenized ETF)EFAON

$105.7000

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

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

$767.6300

24h: +1.13%
Market cap: $47.08M
Volume 24h: $1.56M
Volatility (ann.): 10%

EFAON 19.1%Share of the two combined market caps80.9% SPYON

Performance

EFAONSPYON

7 days-0.50%-1.77%EFAON
30 days-3.99%-1.20%SPYON

Correlation

0.17over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1790d: 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	SPYON
Max drawdown (400d)	-14.9%	-2.5%
Risk-adjusted return (90d)	-0.06	-0.12

Relative strength over 90 days: SPYON outperformed EFAON by 3.5% — measured on the EFAON/SPYON ratio, so it holds regardless of market direction.

iShares MSCI EAFE ETF (Ondo Tokenized ETF) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →