SP500 xStock (SPYX) is 34.0× the size of Roundhill Memory ETF (Ondo Tokenized) (DRAMON) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 42 shared trading days). DRAMON has been the more volatile of the two, at 98% annualised against SPYX's 11%.
$46.4200
DRAMONSPYX
0.07over 42 shared trading days
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.
| Metric | DRAMON | SPYX |
|---|---|---|
| Max drawdown (400d) | -31.6% | -2.7% |
| Risk-adjusted return (90d) | -0.24 | -0.14 |
Relative strength over 90 days: SPYX outperformed DRAMON by 13.2% — measured on the DRAMON/SPYX ratio, so it holds regardless of market direction.