iShares TIPS Bond ETF (Ondo Tokenized ETF) vs SP500 xStock

SP500 xStock (SPYX) is 6.4× the size of iShares TIPS Bond ETF (Ondo Tokenized ETF) (TIPON) by market capitalisation. Over the past 30 days, SPYX is ahead by 1.7 percentage points (TIPON -2.8% against SPYX -1.1%). Their daily returns move barely together (correlation 0.04 across 23 shared trading days). TIPON has been the more volatile of the two, at 58% annualised against SPYX's 11%.

Correlation: 0.04
Size ratio: 1 : 6.4
Ahead over 30 days: SPYX

iShares TIPS Bond ETF (Ondo Tokenized ETF)TIPON

$110.6200

24h: -0.32%
Market cap: $11.10M
Volume 24h: $5
Volatility (ann.): 58%

SP500 xStockSPYX

$762.3900

24h: +0.94%
Market cap: $70.94M
Volume 24h: $7.86M
Volatility (ann.): 11%

TIPON 13.5%Share of the two combined market caps86.5% SPYX

Performance

TIPONSPYX

7 days-0.82%-1.60%TIPON
30 days-2.82%-1.10%SPYX

Correlation

0.04over 23 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	TIPON	SPYX
Max drawdown (400d)	-12.6%	-2.7%
Risk-adjusted return (90d)	-0.05	-0.14

Relative strength over 90 days: SPYX outperformed TIPON by 2.1% — measured on the TIPON/SPYX ratio, so it holds regardless of market direction.

iShares TIPS Bond ETF (Ondo Tokenized ETF) →SP500 xStock →