Spiko EU T-Bills Money Market Fund vs Circle USYC

Circle USYC (USYC) is 4.6× the size of Spiko EU T-Bills Money Market Fund (EUTBL) by market capitalisation. Over the past 30 days, USYC is ahead by 3.3 percentage points (EUTBL -3.3% against USYC +0.0%). Their daily returns move barely together (correlation 0.25 across 57 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against USYC's 2%.

Correlation: 0.25
Size ratio: 1 : 4.6
Ahead over 30 days: USYC

Spiko EU T-Bills Money Market FundEUTBL

$1.2000

24h: +0.32%
Market cap: $483.01M
Volume 24h: —
Volatility (ann.): 9%

Circle USYCUSYC

$1.1400

24h: +0.01%
Market cap: $2.24B
Volume 24h: —
Volatility (ann.): 2%

EUTBL 17.7%Share of the two combined market caps82.3% USYC

Performance

EUTBLUSYC

7 days+0.85%+0.00%EUTBL
30 days-3.25%+0.00%USYC

Correlation

0.25over 57 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	EUTBL	USYC
Max drawdown (400d)	-4.8%	0.0%
Risk-adjusted return (90d)	-0.29	0.39

Relative strength over 90 days: USYC outperformed EUTBL by 3.3% — measured on the EUTBL/USYC ratio, so it holds regardless of market direction.

Spiko EU T-Bills Money Market Fund →Circle USYC →