KraneShares CSI China Internet ETF (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 1259.5× the size of KraneShares CSI China Internet ETF (Ondo Tokenized) (KWEBON) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 20 shared trading days). Both have run at a similar volatility, around 20% annualised.

Correlation: 0.28
Size ratio: 1 : 1259.5

KraneShares CSI China Internet ETF (Ondo Tokenized)KWEBON

$24.7400

24h: —
Market cap: $42,122
Volume 24h: $170
Volatility (ann.): 20%

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.3100

24h: -0.21%
Market cap: $53.05M
Volume 24h: $473,335
Volatility (ann.): 20%

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

Performance

KWEBONSTRCON

7 days-2.64%+0.56%STRCON
30 days-6.26%+4.00%STRCON
90 days—+18.88%—

Correlation

0.28over 20 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	KWEBON	STRCON
Max drawdown (400d)	-7.9%	-4.3%
Risk-adjusted return (90d)	-0.31	1.13

Relative strength over 90 days: STRCON outperformed KWEBON by 5.0% — measured on the KWEBON/STRCON ratio, so it holds regardless of market direction.

KraneShares CSI China Internet ETF (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →