SP500 xStock vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SP500 xStock (SPYX) is 1.5× the size of SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) by market capitalisation. Over the past 30 days, SPYX is ahead by 0.1 percentage points (SPYX -1.1% against SPYON -1.2%). Their daily returns move very closely together (correlation 0.97 across 51 shared trading days). Both have run at a similar volatility, around 10% annualised.

Correlation: 0.97
Size ratio: 1.5×
Ahead over 30 days: SPYX

SP500 xStockSPYX

$773.2300

24h: +1.78%
Market cap: $72.29M
Volume 24h: $9.69M
Volatility (ann.): 11%

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

$773.3600

24h: +1.36%
Market cap: $47.45M
Volume 24h: $1.68M
Volatility (ann.): 10%

SPYX 60.4%Share of the two combined market caps39.6% SPYON

Performance

SPYXSPYON

7 days-1.60%-1.77%SPYX
30 days-1.10%-1.20%SPYX

Correlation

0.97over 51 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.9690d: 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	SPYX	SPYON
Max drawdown (400d)	-2.7%	-2.5%
Risk-adjusted return (90d)	-0.14	-0.12

Relative strength over 90 days: SPYX outperformed SPYON by 0.0% — measured on the SPYX/SPYON ratio, so it holds regardless of market direction.

SP500 xStock →SPDR S&P 500 ETF (Ondo Tokenized ETF) →