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

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 337.2× the size of ProShares UltraPro Short QQQ (Ondo Tokenized) (SQQQON) by market capitalisation. Over the past 30 days, IVVON is ahead by 23.4 percentage points (SQQQON -13.9% against IVVON +9.4%). Their daily returns move barely in opposite directions (correlation -0.10 across 22 shared trading days). IVVON has been the more volatile of the two, at 70% annualised against SQQQON's 46%.

Correlation: -0.10
Size ratio: 1 : 337.2
Ahead over 30 days: IVVON

ProShares UltraPro Short QQQ (Ondo Tokenized)SQQQON

$43.1100

24h: -3.34%
Market cap: $176,986
Volume 24h: $81,855
Volatility (ann.): 46%

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

$766.3000

24h: -1.44%
Market cap: $59.67M
Volume 24h: $275
Volatility (ann.): 70%

SQQQON 0.3%Share of the two combined market caps99.7% IVVON

Performance

SQQQONIVVON

7 days-0.20%+0.11%IVVON
30 days-13.92%+9.43%IVVON

Correlation

-0.10over 22 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	SQQQON	IVVON
Max drawdown (400d)	-17.0%	-15.7%
Risk-adjusted return (90d)	-0.30	0.01

Relative strength over 90 days: IVVON outperformed SQQQON by 12.6% — measured on the SQQQON/IVVON ratio, so it holds regardless of market direction.

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