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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 263.4× the size of ProShares UltraPro Short QQQ (Ondo Tokenized) (SQQQON) by market capitalisation. Over the past 30 days, SPYON is ahead by 14.7 percentage points (SQQQON -13.9% against SPYON +0.8%). Their daily returns move closely in opposite directions (correlation -0.80 across 24 shared trading days). SQQQON has been the more volatile of the two, at 46% annualised against SPYON's 10%.

Correlation: -0.80
Size ratio: 1 : 263.4
Ahead over 30 days: SPYON

ProShares UltraPro Short QQQ (Ondo Tokenized)SQQQON

$43.1100

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

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

$760.1100

24h: -1.77%
Market cap: $46.62M
Volume 24h: $1.32M
Volatility (ann.): 10%

SQQQON 0.4%Share of the two combined market caps99.6% SPYON

Performance

SQQQONSPYON

7 days-0.20%-0.31%SQQQON
30 days-13.92%+0.82%SPYON

Correlation

-0.80over 24 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	SPYON
Max drawdown (400d)	-17.0%	-2.5%
Risk-adjusted return (90d)	-0.30	0.02

Relative strength over 90 days: SPYON outperformed SQQQON by 12.8% — measured on the SQQQON/SPYON ratio, so it holds regardless of market direction.

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