Nasdaq xStock vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

Nasdaq xStock (QQQX) is 1.4× the size of SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) by market capitalisation. Over the past 30 days, SPYON is ahead by 3.2 percentage points (QQQX -2.4% against SPYON +0.8%). Their daily returns move closely together (correlation 0.76 across 52 shared trading days). QQQX has been the more volatile of the two, at 20% annualised against SPYON's 10%.

Correlation: 0.76
Size ratio: 1.4×
Ahead over 30 days: SPYON

Nasdaq xStockQQQX

$692.4700

24h: +1.27%
Market cap: $65.86M
Volume 24h: $3.52M
Volatility (ann.): 20%

SPDR S&P 500 ETF (Ondo Tokenized ETF)SPYON

$773.6700

24h: +2.00%
Market cap: $47.44M
Volume 24h: $1.64M
Volatility (ann.): 10%

QQQX 58.1%Share of the two combined market caps41.9% SPYON

Performance

QQQXSPYON

7 days-3.67%-0.31%SPYON
30 days-2.36%+0.82%SPYON

Correlation

0.76over 52 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7590d: 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	QQQX	SPYON
Max drawdown (400d)	-8.4%	-2.5%
Risk-adjusted return (90d)	-0.14	0.02

Relative strength over 90 days: SPYON outperformed QQQX by 3.1% — measured on the QQQX/SPYON ratio, so it holds regardless of market direction.

Nasdaq xStock →SPDR S&P 500 ETF (Ondo Tokenized ETF) →