Roundhill Memory ETF (Backpack Securities) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 80.7× the size of Roundhill Memory ETF (Backpack Securities) (DRAM) by market capitalisation. Over the past 30 days, IVVON is ahead by 31.6 percentage points (DRAM -21.9% against IVVON +9.8%). Their daily returns move barely together (correlation 0.01 across 31 shared trading days). Both have run at a similar volatility, around 75% annualised.

Correlation: 0.01
Size ratio: 1 : 80.7
Ahead over 30 days: IVVON

Roundhill Memory ETF (Backpack Securities)DRAM

$46.3400

24h: -1.88%
Market cap: $747,090
Volume 24h: $295,591
Volatility (ann.): 80%

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

$773.9800

24h: +1.45%
Market cap: $60.26M
Volume 24h: $1,667
Volatility (ann.): 71%

DRAM 1.2%Share of the two combined market caps98.8% IVVON

Performance

DRAMIVVON

7 days-5.24%-1.45%IVVON
30 days-21.85%+9.76%IVVON

Correlation

0.01over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0190d: 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	DRAM	IVVON
Max drawdown (400d)	-26.8%	-15.7%
Risk-adjusted return (90d)	-0.20	-0.02

Relative strength over 90 days: IVVON outperformed DRAM by 15.3% — measured on the DRAM/IVVON ratio, so it holds regardless of market direction.

Roundhill Memory ETF (Backpack Securities) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →