iShares Silver Trust (Ondo Tokenized Stock) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 2.8× the size of iShares Silver Trust (Ondo Tokenized Stock) (SLVON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 41 shared trading days). SLVON has been the more volatile of the two, at 61% annualised against STRCON's 20%.

Correlation: -0.04
Size ratio: 1 : 2.8

iShares Silver Trust (Ondo Tokenized Stock)SLVON

$44.9400

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.6000

24h: -0.07%
Market cap: $53.01M
Volume 24h: $1.14M
Volatility (ann.): 20%

SLVON 26.2%Share of the two combined market caps73.8% STRCON

Performance

SLVONSTRCON

7 days-7.55%+0.80%STRCON
30 days-24.24%+3.71%STRCON
90 days—+18.91%—

Correlation

-0.04over 41 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1290d: 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	STRCON
Max drawdown (400d)	-29.1%	-4.3%
Risk-adjusted return (90d)	-0.46	1.13

Relative strength over 90 days: STRCON outperformed SLVON by 31.2% — measured on the SLVON/STRCON ratio, so it holds regardless of market direction.

iShares Silver Trust (Ondo Tokenized Stock) →Strategy Stretch Preferred (Ondo Tokenized) →