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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 22.4× the size of Roundhill Memory ETF (Ondo Tokenized) (DRAMON) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 42 shared trading days). DRAMON has been the more volatile of the two, at 98% annualised against SPYON's 10%.

Correlation: 0.11
Size ratio: 1 : 22.4

Roundhill Memory ETF (Ondo Tokenized)DRAMON

$46.4200

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

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%

DRAMON 4.3%Share of the two combined market caps95.7% SPYON

Performance

DRAMONSPYON

7 days-20.14%-1.77%SPYON
30 days-20.10%-1.20%SPYON
90 days-23.66%——

Correlation

0.11over 42 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1290d: 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	SPYON
Max drawdown (400d)	-31.6%	-2.5%
Risk-adjusted return (90d)	-0.24	-0.12

Relative strength over 90 days: SPYON outperformed DRAMON by 16.2% — measured on the DRAMON/SPYON ratio, so it holds regardless of market direction.

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