iShares MSCI Japan ETF (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 893.9× the size of iShares MSCI Japan ETF (Ondo Tokenized) (EWJON) by market capitalisation. Their daily returns move closely together (correlation 0.63 across 24 shared trading days). Both have run at a similar volatility, around 21% annualised.

Correlation: 0.63
Size ratio: 1 : 893.9

iShares MSCI Japan ETF (Ondo Tokenized)EWJON

$90.9500

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.5800

24h: +0.37%
Market cap: $53.22M
Volume 24h: $484,607
Volatility (ann.): 20%

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

Performance

EWJONSTRCON

7 days+1.76%-0.14%EWJON
30 days+0.88%+3.40%STRCON
90 days—+19.05%—

Correlation

0.63over 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	EWJON	STRCON
Max drawdown (400d)	-3.6%	-4.3%
Risk-adjusted return (90d)	0.04	1.14

Relative strength over 90 days: STRCON outperformed EWJON by 2.9% — measured on the EWJON/STRCON ratio, so it holds regardless of market direction.

iShares MSCI Japan ETF (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →