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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 13.1× the size of SPDR Gold Shares (Ondo Tokenized) (GLDON) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 35 shared trading days). GLDON has been the more volatile of the two, at 30% annualised against SPYON's 10%.

Correlation: 0.37
Size ratio: 1 : 13.1

SPDR Gold Shares (Ondo Tokenized)GLDON

$362.8400

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

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

$768.5900

24h: +1.24%
Market cap: $47.12M
Volume 24h: $1.55M
Volatility (ann.): 10%

GLDON 7.1%Share of the two combined market caps92.9% SPYON

Performance

GLDONSPYON

7 days-4.83%-1.77%SPYON
30 days-6.81%-1.20%SPYON
90 days+3.45%——

Correlation

0.37over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4390d: 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	SPYON
Max drawdown (400d)	-25.3%	-2.5%
Risk-adjusted return (90d)	0.13	-0.12

Relative strength over 90 days: SPYON outperformed GLDON by 10.2% — measured on the GLDON/SPYON ratio, so it holds regardless of market direction.

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