ProShares UltraPro Short QQQ (Ondo Tokenized) vs SP500 xStock

SP500 xStock (SPYX) is 402.4× the size of ProShares UltraPro Short QQQ (Ondo Tokenized) (SQQQON) by market capitalisation. Over the past 30 days, SPYX is ahead by 15.0 percentage points (SQQQON -13.9% against SPYX +1.0%). Their daily returns move closely in opposite directions (correlation -0.80 across 22 shared trading days). SQQQON has been the more volatile of the two, at 46% annualised against SPYX's 11%.

Correlation: -0.80
Size ratio: 1 : 402.4
Ahead over 30 days: SPYX

ProShares UltraPro Short QQQ (Ondo Tokenized)SQQQON

$43.1100

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

SP500 xStockSPYX

$760.5100

24h: -1.39%
Market cap: $71.22M
Volume 24h: $7.89M
Volatility (ann.): 11%

SQQQON 0.2%Share of the two combined market caps99.8% SPYX

Performance

SQQQONSPYX

7 days-0.20%-0.05%SPYX
30 days-13.92%+1.05%SPYX

Correlation

-0.80over 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	SPYX
Max drawdown (400d)	-17.0%	-2.7%
Risk-adjusted return (90d)	-0.30	0.01

Relative strength over 90 days: SPYX outperformed SQQQON by 12.5% — measured on the SQQQON/SPYX ratio, so it holds regardless of market direction.

ProShares UltraPro Short QQQ (Ondo Tokenized) →SP500 xStock →