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

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 28.7× the size of Roundhill Memory ETF (Ondo Tokenized) (DRAMON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 42 shared trading days). DRAMON has been the more volatile of the two, at 98% annualised against IVVON's 71%.

Correlation: -0.04
Size ratio: 1 : 28.7

Roundhill Memory ETF (Ondo Tokenized)DRAMON

$46.4200

24h: -2.00%
Market cap: $2.10M
Volume 24h: $228,570
Volatility (ann.): 98%

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%

DRAMON 3.4%Share of the two combined market caps96.6% IVVON

Performance

DRAMONIVVON

7 days-20.14%-1.45%IVVON
30 days-20.10%+9.76%IVVON
90 days-23.66%——

Correlation

-0.04over 42 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0590d: 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	DRAMON	IVVON
Max drawdown (400d)	-31.6%	-15.7%
Risk-adjusted return (90d)	-0.24	-0.02

Relative strength over 90 days: IVVON outperformed DRAMON by 13.5% — measured on the DRAMON/IVVON ratio, so it holds regardless of market direction.

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