SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 2.0× the size of SPY (bStocks Tokenized Stock) (SPYB) by market capitalisation. Their daily returns move closely together (correlation 0.83 across 53 shared trading days). Both have run at a similar volatility, around 10% annualised.
$767.5000
$772.7900
SPYBSPYON
0.83over 53 shared trading days
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.
| Metric | SPYB | SPYON |
|---|---|---|
| Max drawdown (400d) | -3.4% | -2.5% |
| Risk-adjusted return (90d) | -0.22 | -0.12 |
Relative strength over 90 days: SPYON outperformed SPYB by 0.2% — measured on the SPYB/SPYON ratio, so it holds regardless of market direction.