SP500 xStock (SPYX) is 20.0× the size of SPDR Gold Shares (Ondo Tokenized) (GLDON) by market capitalisation. Their daily returns move barely together (correlation 0.35 across 35 shared trading days). GLDON has been the more volatile of the two, at 30% annualised against SPYX's 11%.
$362.8400
GLDONSPYX
0.35over 35 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 | GLDON | SPYX |
|---|---|---|
| Max drawdown (400d) | -25.3% | -2.7% |
| Risk-adjusted return (90d) | 0.13 | -0.14 |
Relative strength over 90 days: SPYX outperformed GLDON by 7.6% — measured on the GLDON/SPYX ratio, so it holds regardless of market direction.