Tokenized BNY Mellon Global Short-Dated High Yield Bond Fund vs Figure Heloc

Figure Heloc (FIGR_HELOC) is 5350.8× the size of Tokenized BNY Mellon Global Short-Dated High Yield Bond Fund (HYBOND) by market capitalisation. Over the past 30 days, FIGR_HELOC is ahead by 3.8 percentage points (HYBOND -1.1% against FIGR_HELOC +2.7%). Their daily returns move barely together (correlation 0.24 across 20 shared trading days). FIGR_HELOC has been the more volatile of the two, at 52% annualised against HYBOND's 3%.

Correlation: 0.24
Size ratio: 1 : 5350.8
Ahead over 30 days: FIGR_HELOC

Tokenized BNY Mellon Global Short-Dated High Yield Bond FundHYBOND

$1.7300

24h: +0.15%
Market cap: $5.01M
Volume 24h: —
Volatility (ann.): 3%

Figure HelocFIGR_HELOC

$1.0300

24h: -0.83%
Market cap: $26.83B
Volume 24h: $479.75M
Volatility (ann.): 52%

HYBOND 0.0%Share of the two combined market caps100.0% FIGR_HELOC

Performance

HYBONDFIGR_HELOC

7 days-0.57%+0.19%FIGR_HELOC
30 days-1.14%+2.69%FIGR_HELOC

Correlation

0.24over 20 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	HYBOND	FIGR_HELOC
Max drawdown (400d)	-1.1%	-5.5%
Risk-adjusted return (90d)	-0.41	0.05

Relative strength over 90 days: FIGR_HELOC outperformed HYBOND by 1.0% — measured on the HYBOND/FIGR_HELOC ratio, so it holds regardless of market direction.

Tokenized BNY Mellon Global Short-Dated High Yield Bond Fund →Figure Heloc →