Kalshi (Tessera Pre-IPO) vs Ondo US Dollar Yield

Ondo US Dollar Yield (USDY) is 3415.1× the size of Kalshi (Tessera Pre-IPO) (TKALSHI) by market capitalisation. Over the past 30 days, TKALSHI is ahead by 2.7 percentage points (TKALSHI +2.7% against USDY +0.0%). Their daily returns move barely together (correlation 0.07 across 28 shared trading days). TKALSHI has been the more volatile of the two, at 25% annualised against USDY's 6%.

Correlation: 0.07
Size ratio: 1 : 3415.1
Ahead over 30 days: TKALSHI

Kalshi (Tessera Pre-IPO)TKALSHI

$450.3000

24h: +0.02%
Market cap: $701,500
Volume 24h: $204,630
Volatility (ann.): 25%

Ondo US Dollar YieldUSDY

$1.1500

24h: +0.12%
Market cap: $2.40B
Volume 24h: $2.78M
Volatility (ann.): 6%

TKALSHI 0.0%Share of the two combined market caps100.0% USDY

Performance

TKALSHIUSDY

7 days+0.80%+0.00%TKALSHI
30 days+2.66%+0.00%TKALSHI

Correlation

0.07over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0790d: 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	TKALSHI	USDY
Max drawdown (400d)	-2.5%	-0.9%
Risk-adjusted return (90d)	0.27	0.15

Relative strength over 90 days: TKALSHI outperformed USDY by 5.7% — measured on the TKALSHI/USDY ratio, so it holds regardless of market direction.

Kalshi (Tessera Pre-IPO) →Ondo US Dollar Yield →