That's a common misconception! While they are closely related, Chincoteague ponies live on Chincoteague Island, a separate island from Assateague Island.

Here's the breakdown:

* Assateague Island: This is a barrier island off the coast of Maryland and Virginia. A wild herd of ponies known as the Assateague Island ponies live there.

* Chincoteague Island: This island is adjacent to Assateague Island and is home to a herd of domesticated ponies known as the Chincoteague ponies.

The Chincoteague ponies are descended from the Assateague Island ponies and are managed by the Chincoteague Volunteer Fire Company. Every year, a "Pony Penning" event takes place, where the ponies are rounded up and swam across a channel to Chincoteague Island. Some are then auctioned off to help fund the fire company.