Spiko EU T-Bills Money Market Fund vs Invesco Short Duration US Government Securities Fund

Invesco Short Duration US Government Securities Fund (USTB) is 1.3× the size of Spiko EU T-Bills Money Market Fund (EUTBL) by market capitalisation. Over the past 30 days, USTB is ahead by 3.8 percentage points (EUTBL -3.3% against USTB +0.5%). Their daily returns move loosely in opposite directions (correlation -0.44 across 59 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against USTB's 1%.

Correlation: -0.44
Size ratio: 1 : 1.3
Ahead over 30 days: USTB

Spiko EU T-Bills Money Market FundEUTBL

$1.2000

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

Invesco Short Duration US Government Securities FundUSTB

$11.2700

24h: +0.01%
Market cap: $625.51M
Volume 24h: —
Volatility (ann.): 1%

EUTBL 43.6%Share of the two combined market caps56.4% USTB

Performance

EUTBLUSTB

7 days+0.85%+0.09%EUTBL
30 days-3.25%+0.54%USTB

Correlation

-0.44over 59 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.6590d: 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	USTB
Max drawdown (400d)	-4.8%	0.0%
Risk-adjusted return (90d)	-0.29	1.15

Relative strength over 90 days: USTB outperformed EUTBL by 3.2% — measured on the EUTBL/USTB ratio, so it holds regardless of market direction.

Spiko EU T-Bills Money Market Fund →Invesco Short Duration US Government Securities Fund →