US Natural Gas Fund (Ondo Tokenized) vs Strategy Stretch Preferred (Ondo Tokenized)

Strategy Stretch Preferred (Ondo Tokenized) (STRCON) is 578.9× the size of US Natural Gas Fund (Ondo Tokenized) (UNGON) by market capitalisation. Over the past 90 days, STRCON is ahead by 27.9 percentage points (UNGON -9.0% against STRCON +18.9%). Their daily returns move barely in opposite directions (correlation -0.14 across 91 shared trading days). UNGON has been the more volatile of the two, at 62% annualised against STRCON's 20%.

Correlation: -0.14
Size ratio: 1 : 578.9
Ahead over 90 days: STRCON

US Natural Gas Fund (Ondo Tokenized)UNGON

$9.2600

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

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.3200

24h: -0.21%
Market cap: $53.07M
Volume 24h: $475,943
Volatility (ann.): 20%

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

Performance

UNGONSTRCON

7 days+3.87%+0.56%UNGON
30 days+3.99%+4.00%STRCON
90 days-8.99%+18.88%STRCON

Correlation

-0.14over 91 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3290d: -0.141y: 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	STRCON
Max drawdown (400d)	-32.3%	-4.3%
Risk-adjusted return (90d)	-0.24	1.13

Relative strength over 90 days: STRCON outperformed UNGON by 24.3% — measured on the UNGON/STRCON ratio, so it holds regardless of market direction.

US Natural Gas Fund (Ondo Tokenized) →Strategy Stretch Preferred (Ondo Tokenized) →