iShares MSCI South Korea ETF (Ondo Tokenized) vs SP500 xStock

SP500 xStock (SPYX) is 93.7× the size of iShares MSCI South Korea ETF (Ondo Tokenized) (EWYON) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 37 shared trading days). EWYON has been the more volatile of the two, at 66% annualised against SPYX's 11%.

Correlation: 0.41
Size ratio: 1 : 93.7

iShares MSCI South Korea ETF (Ondo Tokenized)EWYON

$151.1100

24h: -2.10%
Market cap: $763,419
Volume 24h: $466,113
Volatility (ann.): 66%

SP500 xStockSPYX

$767.4700

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

EWYON 1.1%Share of the two combined market caps98.9% SPYX

Performance

EWYONSPYX

7 days-4.42%-1.60%SPYX
30 days-1.53%-1.10%SPYX
90 days-1.65%——

Correlation

0.41over 37 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4090d: 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	EWYON	SPYX
Max drawdown (400d)	-34.1%	-2.7%
Risk-adjusted return (90d)	-0.03	-0.14

Relative strength over 90 days: EWYON outperformed SPYX by 2.4% — measured on the EWYON/SPYX ratio, so it holds regardless of market direction.

iShares MSCI South Korea ETF (Ondo Tokenized) →SP500 xStock →