iShares Silver Trust (Ondo Tokenized Stock) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 2.5× the size of iShares Silver Trust (Ondo Tokenized Stock) (SLVON) by market capitalisation. Over the past 30 days, SPYON is ahead by 23.0 percentage points (SLVON -24.2% against SPYON -1.2%). Their daily returns move loosely together (correlation 0.59 across 39 shared trading days). SLVON has been the more volatile of the two, at 61% annualised against SPYON's 10%.

Correlation: 0.59
Size ratio: 1 : 2.5
Ahead over 30 days: SPYON

iShares Silver Trust (Ondo Tokenized Stock)SLVON

$44.9400

24h: -1.21%
Market cap: $18.80M
Volume 24h: $1.94M
Volatility (ann.): 61%

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%

SLVON 28.5%Share of the two combined market caps71.5% SPYON

Performance

SLVONSPYON

7 days-7.55%-1.77%SPYON
30 days-24.24%-1.20%SPYON

Correlation

0.59over 39 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.5690d: 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	SLVON	SPYON
Max drawdown (400d)	-29.1%	-2.5%
Risk-adjusted return (90d)	-0.46	-0.12

Relative strength over 90 days: SPYON outperformed SLVON by 26.8% — measured on the SLVON/SPYON ratio, so it holds regardless of market direction.

iShares Silver Trust (Ondo Tokenized Stock) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →