SP500 xStock (SPYX) is 15.8× the size of ProShares UltraPro QQQ (Ondo Tokenized) (TQQQON) by market capitalisation. Their daily returns move closely together (correlation 0.75 across 35 shared trading days). TQQQON has been the more volatile of the two, at 65% annualised against SPYX's 11%.
$58.0000
TQQQONSPYX
0.75over 35 shared trading days
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.
| Metric | TQQQON | SPYX |
|---|---|---|
| Max drawdown (400d) | -34.3% | -2.7% |
| Risk-adjusted return (90d) | -0.06 | -0.14 |
Relative strength over 90 days: TQQQON outperformed SPYX by 7.2% — measured on the TQQQON/SPYX ratio, so it holds regardless of market direction.