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

SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) is 498.7× the size of US Natural Gas Fund (Ondo Tokenized) (UNGON) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 35 shared trading days). UNGON has been the more volatile of the two, at 62% annualised against SPYON's 10%.

Correlation: 0.18
Size ratio: 1 : 498.7

US Natural Gas Fund (Ondo Tokenized)UNGON

$9.2600

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

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

$745.4100

24h: -3.67%
Market cap: $45.72M
Volume 24h: $1.55M
Volatility (ann.): 10%

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

Performance

UNGONSPYON

7 days+3.87%-0.31%UNGON
30 days+3.99%+0.82%UNGON
90 days-8.99%——

Correlation

0.18over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1790d: 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	SPYON
Max drawdown (400d)	-32.3%	-2.5%
Risk-adjusted return (90d)	-0.24	0.02

Relative strength over 90 days: UNGON outperformed SPYON by 7.3% — measured on the UNGON/SPYON ratio, so it holds regardless of market direction.

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