State Street SPDR S&P 500 ETF Trust (Dinari Tokenized ETF) vs SPDR S&P 500 ETF (Ondo Tokenized ETF)

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 143.8× the size of State Street SPDR S&P 500 ETF Trust (Dinari Tokenized ETF) (SPY) by market capitalisation. Over the past 30 days, SPY is ahead by 3.7 percentage points (SPY -0.4% against SPYON -4.1%). Their daily returns move very closely together (correlation 0.91 across 21 shared trading days). SPYON has been the more volatile of the two, at 17% annualised against SPY's 10%.

Correlation: 0.91
Size ratio: 1 : 143.8
Ahead over 30 days: SPY

State Street SPDR S&P 500 ETF Trust (Dinari Tokenized ETF)SPY

$734.5300

24h: -4.19%
Market cap: $316,018
Volume 24h: $1,248
Volatility (ann.): 10%

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

$742.5100

24h: -3.83%
Market cap: $45.45M
Volume 24h: $1.26M
Volatility (ann.): 17%

SPY 0.7%Share of the two combined market caps99.3% SPYON

Performance

SPYSPYON

7 days-0.20%-4.46%SPY
30 days-0.38%-4.08%SPY

Correlation

0.91over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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)	-2.4%	-5.7%
Risk-adjusted return (90d)	-0.04	-0.29

Relative strength over 90 days: SPYON outperformed SPY by 0.3% — measured on the SPY/SPYON ratio, so it holds regardless of market direction.

State Street SPDR S&P 500 ETF Trust (Dinari Tokenized ETF) →SPDR S&P 500 ETF (Ondo Tokenized ETF) →