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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 10.4× the size of ProShares UltraPro QQQ (Ondo Tokenized) (TQQQON) by market capitalisation. Their daily returns move closely together (correlation 0.73 across 35 shared trading days). TQQQON has been the more volatile of the two, at 65% annualised against SPYON's 10%.

Correlation: 0.73
Size ratio: 1 : 10.4

ProShares UltraPro QQQ (Ondo Tokenized)TQQQON

$58.0000

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

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

$767.6300

24h: +1.13%
Market cap: $47.08M
Volume 24h: $1.56M
Volatility (ann.): 10%

TQQQON 8.8%Share of the two combined market caps91.2% SPYON

Performance

TQQQONSPYON

7 days-2.53%-1.77%SPYON
30 days+8.63%-1.20%TQQQON
90 days-3.94%——

Correlation

0.73over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7290d: 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	SPYON
Max drawdown (400d)	-34.3%	-2.5%
Risk-adjusted return (90d)	-0.06	-0.12

Relative strength over 90 days: TQQQON outperformed SPYON by 8.9% — measured on the TQQQON/SPYON ratio, so it holds regardless of market direction.

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