ProShares UltraPro QQQ (Ondo Tokenized) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 13.3× the size of ProShares UltraPro QQQ (Ondo Tokenized) (TQQQON) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 35 shared trading days). Both have run at a similar volatility, around 68% annualised.

Correlation: 0.18
Size ratio: 1 : 13.3

ProShares UltraPro QQQ (Ondo Tokenized)TQQQON

$58.0000

24h: -3.56%
Market cap: $4.53M
Volume 24h: $807,512
Volatility (ann.): 65%

iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVON

$773.7300

24h: +1.19%
Market cap: $60.24M
Volume 24h: $1,666
Volatility (ann.): 71%

TQQQON 7.0%Share of the two combined market caps93.0% IVVON

Performance

TQQQONIVVON

7 days-2.53%-1.45%IVVON
30 days+8.63%+9.76%IVVON
90 days-3.94%——

Correlation

0.18over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1790d: 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	TQQQON	IVVON
Max drawdown (400d)	-34.3%	-15.7%
Risk-adjusted return (90d)	-0.06	-0.02

Relative strength over 90 days: TQQQON outperformed IVVON by 7.0% — measured on the TQQQON/IVVON ratio, so it holds regardless of market direction.

ProShares UltraPro QQQ (Ondo Tokenized) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →