ProShares UltraPro QQQ (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 11.7× the size of ProShares UltraPro QQQ (Ondo Tokenized) (TQQQON) by market capitalisation. Over the past 90 days, STRCON is ahead by 22.9 percentage points (TQQQON -3.9% against STRCON +18.9%). Their daily returns move barely together (correlation 0.31 across 91 shared trading days). TQQQON has been the more volatile of the two, at 65% annualised against STRCON's 20%.

Correlation: 0.31
Size ratio: 1 : 11.7
Ahead over 90 days: STRCON

ProShares UltraPro QQQ (Ondo Tokenized)TQQQON

$58.0000

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.6100

24h: -0.03%
Market cap: $53.02M
Volume 24h: $1.14M
Volatility (ann.): 20%

TQQQON 7.9%Share of the two combined market caps92.1% STRCON

Performance

TQQQONSTRCON

7 days-2.53%+0.80%STRCON
30 days+8.63%+3.71%TQQQON
90 days-3.94%+18.91%STRCON

Correlation

0.31over 91 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3990d: 0.311y: 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	STRCON
Max drawdown (400d)	-34.3%	-4.3%
Risk-adjusted return (90d)	-0.06	1.13

Relative strength over 90 days: STRCON outperformed TQQQON by 20.1% — measured on the TQQQON/STRCON ratio, so it holds regardless of market direction.

ProShares UltraPro QQQ (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →