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

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 300.4× the size of ProShares UltraPro Short QQQ (Ondo Tokenized) (SQQQON) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.48 across 28 shared trading days). SQQQON has been the more volatile of the two, at 46% annualised against STRCON's 20%.

Correlation: -0.48
Size ratio: 1 : 300.4

ProShares UltraPro Short QQQ (Ondo Tokenized)SQQQON

$43.1100

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.5200

24h: -0.17%
Market cap: $53.16M
Volume 24h: $660,031
Volatility (ann.): 20%

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

Performance

SQQQONSTRCON

7 days-0.20%+0.56%STRCON
30 days-13.92%+4.00%STRCON
90 days—+18.88%—

Correlation

-0.48over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.4890d: 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	STRCON
Max drawdown (400d)	-17.0%	-4.3%
Risk-adjusted return (90d)	-0.30	1.13

Relative strength over 90 days: STRCON outperformed SQQQON by 14.1% — measured on the SQQQON/STRCON ratio, so it holds regardless of market direction.

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