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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 763.8× the size of iShares MSCI Japan ETF (Ondo Tokenized) (EWJON) by market capitalisation. Over the past 30 days, EWJON is ahead by 5.0 percentage points (EWJON +0.9% against SPYON -4.1%). Their daily returns move closely together (correlation 0.65 across 20 shared trading days). EWJON has been the more volatile of the two, at 22% annualised against SPYON's 17%.

Correlation: 0.65
Size ratio: 1 : 763.8
Ahead over 30 days: EWJON

iShares MSCI Japan ETF (Ondo Tokenized)EWJON

$90.9500

24h: -2.48%
Market cap: $59,537
Volume 24h: $1
Volatility (ann.): 22%

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

$741.1700

24h: +0.66%
Market cap: $45.48M
Volume 24h: $1.47M
Volatility (ann.): 17%

EWJON 0.1%Share of the two combined market caps99.9% SPYON

Performance

EWJONSPYON

7 days+1.76%-4.46%EWJON
30 days+0.88%-4.08%EWJON

Correlation

0.65over 20 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	EWJON	SPYON
Max drawdown (400d)	-3.6%	-5.7%
Risk-adjusted return (90d)	0.04	-0.29

Relative strength over 90 days: SPYON outperformed EWJON by 1.3% — measured on the EWJON/SPYON ratio, so it holds regardless of market direction.

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