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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 63.0× the size of Roundhill Memory ETF (Backpack Securities) (DRAM) by market capitalisation. Over the past 30 days, SPYON is ahead by 20.7 percentage points (DRAM -21.9% against SPYON -1.2%). Their daily returns move barely together (correlation 0.30 across 33 shared trading days). DRAM has been the more volatile of the two, at 80% annualised against SPYON's 10%.

Correlation: 0.30
Size ratio: 1 : 63.0
Ahead over 30 days: SPYON

Roundhill Memory ETF (Backpack Securities)DRAM

$46.3400

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

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

$767.5800

24h: +1.15%
Market cap: $47.08M
Volume 24h: $1.56M
Volatility (ann.): 10%

DRAM 1.6%Share of the two combined market caps98.4% SPYON

Performance

DRAMSPYON

7 days-5.24%-1.77%SPYON
30 days-21.85%-1.20%SPYON

Correlation

0.30over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2790d: 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	SPYON
Max drawdown (400d)	-26.8%	-2.5%
Risk-adjusted return (90d)	-0.20	-0.12

Relative strength over 90 days: SPYON outperformed DRAM by 15.2% — measured on the DRAM/SPYON ratio, so it holds regardless of market direction.

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