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

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 0.2 percentage points (SPYON +0.8% against SPYX +1.0%). Their daily returns move very closely together (correlation 0.97 across 52 shared trading days). Both have run at a similar volatility, around 11% annualised.

Correlation: 0.97
Size ratio: 1 : 1.5
Ahead over 30 days: SPYX

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

$771.3400

24h: +1.79%
Market cap: $47.29M
Volume 24h: $1.62M
Volatility (ann.): 10%

SP500 xStockSPYX

$770.0200

24h: +2.07%
Market cap: $71.99M
Volume 24h: $8.44M
Volatility (ann.): 11%

SPYON 39.6%Share of the two combined market caps60.4% SPYX

Performance

SPYONSPYX

7 days-0.31%-0.05%SPYX
30 days+0.82%+1.05%SPYX

Correlation

0.97over 52 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.9790d: 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	SPYON	SPYX
Max drawdown (400d)	-2.5%	-2.7%
Risk-adjusted return (90d)	0.02	0.01

Relative strength over 90 days: SPYX outperformed SPYON by 0.2% — measured on the SPYON/SPYX ratio, so it holds regardless of market direction.

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