Spiko EU T-Bills Money Market Fund vs Ondo US Dollar Yield

Ondo US Dollar Yield (USDY) is 5.0× the size of Spiko EU T-Bills Money Market Fund (EUTBL) by market capitalisation. Over the past 30 days, USDY is ahead by 4.1 percentage points (EUTBL -3.3% against USDY +0.9%). Their daily returns move barely in opposite directions (correlation -0.09 across 59 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against USDY's 6%.

Correlation: -0.09
Size ratio: 1 : 5.0
Ahead over 30 days: USDY

Spiko EU T-Bills Money Market FundEUTBL

$1.2000

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

Ondo US Dollar YieldUSDY

$1.1500

24h: +0.06%
Market cap: $2.39B
Volume 24h: $2.38M
Volatility (ann.): 6%

EUTBL 16.8%Share of the two combined market caps83.2% USDY

Performance

EUTBLUSDY

7 days+0.85%+0.00%EUTBL
30 days-3.25%+0.88%USDY

Correlation

-0.09over 59 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2490d: 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	USDY
Max drawdown (400d)	-4.8%	-0.9%
Risk-adjusted return (90d)	-0.29	0.15

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

Spiko EU T-Bills Money Market Fund →Ondo US Dollar Yield →