SPDR S&P 500 ETF (Ondo Tokenized ETF) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 1.1× the size of SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 46 shared trading days). STRCON has been the more volatile of the two, at 20% annualised against SPYON's 10%.

Correlation: 0.41
Size ratio: 1 : 1.1

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%

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.8700

24h: +0.37%
Market cap: $53.33M
Volume 24h: $472,583
Volatility (ann.): 20%

SPYON 47.0%Share of the two combined market caps53.0% STRCON

Performance

SPYONSTRCON

7 days-0.31%+0.56%STRCON
30 days+0.82%+4.00%STRCON
90 days—+18.88%—

Correlation

0.41over 46 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3990d: 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	STRCON
Max drawdown (400d)	-2.5%	-4.3%
Risk-adjusted return (90d)	0.02	1.13

Relative strength over 90 days: STRCON outperformed SPYON by 5.9% — measured on the SPYON/STRCON ratio, so it holds regardless of market direction.

SPDR S&P 500 ETF (Ondo Tokenized ETF) →Strategy Stretch Preferred (Ondo Tokenized) →