Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO) is 3441.5× the size of Credefi (CREDI) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.44 across 45 shared trading days). CREDI has been the more volatile of the two, at 129% annualised against EURSAFO's 9%.
$1.1400
CREDIEURSAFO
-0.44over 45 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 | CREDI | EURSAFO |
|---|---|---|
| Max drawdown (400d) | -90.5% | -4.2% |
| Risk-adjusted return (90d) | 0.17 | -0.27 |
| Best 30 days (past year) | +41.9% | — |
| Worst 30 days (past year) | -50.7% | — |
Relative strength over 90 days: CREDI outperformed EURSAFO by 22.9% — measured on the CREDI/EURSAFO ratio, so it holds regardless of market direction.