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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 2.3× the size of SPDR S&P 500 ETF Trust • Robinhood Token (SPY) by market capitalisation. Over the past 30 days, SPYON is ahead by 1.6 percentage points (SPY -2.8% against SPYON -1.2%). Their daily returns move very closely together (correlation 0.90 across 36 shared trading days). SPY has been the more volatile of the two, at 13% annualised against SPYON's 10%.

Correlation: 0.90
Size ratio: 1 : 2.3
Ahead over 30 days: SPYON

SPDR S&P 500 ETF Trust • Robinhood TokenSPY

$750.6200

24h: -0.39%
Market cap: $20.63M
Volume 24h: $36.42M
Volatility (ann.): 13%

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

$766.6300

24h: +0.93%
Market cap: $47.03M
Volume 24h: $1.56M
Volatility (ann.): 10%

SPY 30.5%Share of the two combined market caps69.5% SPYON

Performance

SPYSPYON

7 days-2.21%-1.77%SPYON
30 days-2.81%-1.20%SPYON

Correlation

0.90over 36 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.9190d: 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	SPY	SPYON
Max drawdown (400d)	-3.5%	-2.5%
Risk-adjusted return (90d)	-0.17	-0.12

Relative strength over 90 days: SPYON outperformed SPY by 0.7% — measured on the SPY/SPYON ratio, so it holds regardless of market direction.

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