SPDR Gold Shares (Ondo Tokenized) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 16.8× the size of SPDR Gold Shares (Ondo Tokenized) (GLDON) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 35 shared trading days). IVVON has been the more volatile of the two, at 71% annualised against GLDON's 30%.

Correlation: 0.01
Size ratio: 1 : 16.8

SPDR Gold Shares (Ondo Tokenized)GLDON

$362.8400

24h: +0.62%
Market cap: $3.59M
Volume 24h: $1.23M
Volatility (ann.): 30%

iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVON

$774.4400

24h: +1.14%
Market cap: $60.24M
Volume 24h: $1,213
Volatility (ann.): 71%

GLDON 5.6%Share of the two combined market caps94.4% IVVON

Performance

GLDONIVVON

7 days-4.83%-1.45%IVVON
30 days-6.81%+9.76%IVVON
90 days+3.45%——

Correlation

0.01over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0090d: 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	GLDON	IVVON
Max drawdown (400d)	-25.3%	-15.7%
Risk-adjusted return (90d)	0.13	-0.02

Relative strength over 90 days: IVVON outperformed GLDON by 7.8% — measured on the GLDON/IVVON ratio, so it holds regardless of market direction.

SPDR Gold Shares (Ondo Tokenized) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →