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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 6.6× the size of SPDR Gold Shares • Robinhood Token (GLD) by market capitalisation. Over the past 30 days, SPYON is ahead by 11.5 percentage points (GLD -12.7% against SPYON -1.2%). Their daily returns move barely together (correlation 0.22 across 35 shared trading days). GLD has been the more volatile of the two, at 230% annualised against SPYON's 10%.

Correlation: 0.22
Size ratio: 1 : 6.6
Ahead over 30 days: SPYON

SPDR Gold Shares • Robinhood TokenGLD

$361.7600

24h: -0.01%
Market cap: $7.14M
Volume 24h: $2.50M
Volatility (ann.): 230%

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

$763.4500

24h: +0.56%
Market cap: $46.83M
Volume 24h: $1.55M
Volatility (ann.): 10%

GLD 13.2%Share of the two combined market caps86.8% SPYON

Performance

GLDSPYON

7 days-2.49%-1.77%SPYON
30 days-12.70%-1.20%SPYON

Correlation

0.22over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2090d: 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	GLD	SPYON
Max drawdown (400d)	-79.2%	-2.5%
Risk-adjusted return (90d)	-0.34	-0.12

Relative strength over 90 days: SPYON outperformed GLD by 78.5% — measured on the GLD/SPYON ratio, so it holds regardless of market direction.

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