US Natural Gas Fund (Ondo Tokenized) vs iShares Core S&P 500 ETF (Ondo Tokenized ETF)

iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 637.8× the size of US Natural Gas Fund (Ondo Tokenized) (UNGON) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 35 shared trading days). Both have run at a similar volatility, around 66% annualised.

Correlation: 0.13
Size ratio: 1 : 637.8

US Natural Gas Fund (Ondo Tokenized)UNGON

$9.2600

24h: +2.55%
Market cap: $91,665
Volume 24h: $768,407
Volatility (ann.): 62%

iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVON

$750.3700

24h: -3.70%
Market cap: $58.47M
Volume 24h: $3,086
Volatility (ann.): 70%

UNGON 0.2%Share of the two combined market caps99.8% IVVON

Performance

UNGONIVVON

7 days+3.87%+0.11%UNGON
30 days+3.99%+9.43%IVVON
90 days-8.99%——

Correlation

0.13over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1390d: 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	UNGON	IVVON
Max drawdown (400d)	-32.3%	-15.7%
Risk-adjusted return (90d)	-0.24	0.01

Relative strength over 90 days: UNGON outperformed IVVON by 8.0% — measured on the UNGON/IVVON ratio, so it holds regardless of market direction.

US Natural Gas Fund (Ondo Tokenized) →iShares Core S&P 500 ETF (Ondo Tokenized ETF) →