Fidelity USD Digital Liquidity Fund-Acc vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 18.8× the size of Fidelity USD Digital Liquidity Fund-Acc (FILQ-A) by market capitalisation. Over the past 30 days, FILQ-A is ahead by 3.8 percentage points (FILQ-A +0.6% against EUTBL -3.3%). Their daily returns move closely in opposite directions (correlation -0.77 across 43 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against FILQ-A's 1%.

Correlation: -0.77
Size ratio: 1 : 18.8
Ahead over 30 days: FILQ-A

Fidelity USD Digital Liquidity Fund-AccFILQ-A

$101.7000

24h: +0.01%
Market cap: $25.59M
Volume 24h: —
Volatility (ann.): 1%

Spiko EU T-Bills Money Market FundEUTBL

$1.1900

24h: +0.38%
Market cap: $481.94M
Volume 24h: —
Volatility (ann.): 9%

FILQ-A 5.0%Share of the two combined market caps95.0% EUTBL

Performance

FILQ-AEUTBL

7 days+0.07%+0.85%EUTBL
30 days+0.56%-3.25%FILQ-A

Correlation

-0.77over 43 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.8490d: 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	FILQ-A	EUTBL
Max drawdown (400d)	0.0%	-4.8%
Risk-adjusted return (90d)	0.96	-0.28

Relative strength over 90 days: FILQ-A outperformed EUTBL by 4.1% — measured on the FILQ-A/EUTBL ratio, so it holds regardless of market direction.

Fidelity USD Digital Liquidity Fund-Acc →Spiko EU T-Bills Money Market Fund →