Figure Heloc (FIGR_HELOC) is 299833.2× the size of US Natural Gas Fund (Ondo Tokenized) (UNGON) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 33 shared trading days). UNGON has been the more volatile of the two, at 62% annualised against FIGR_HELOC's 52%.
$9.2600
UNGONFIGR_HELOC
0.23over 33 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 | UNGON | FIGR_HELOC |
|---|---|---|
| Max drawdown (400d) | -32.3% | -5.5% |
| Risk-adjusted return (90d) | -0.24 | 0.05 |
Relative strength over 90 days: UNGON outperformed FIGR_HELOC by 9.6% — measured on the UNGON/FIGR_HELOC ratio, so it holds regardless of market direction.