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

Spiko US T-Bills Money Market Fund (USTBL) is 6.8× the size of Fidelity USD Digital Liquidity Fund-Acc (FILQ-A) by market capitalisation. Over the past 30 days, FILQ-A is ahead by 0.2 percentage points (FILQ-A +0.6% against USTBL +0.4%). Their daily returns move closely together (correlation 0.81 across 44 shared trading days). Both have run at a similar volatility, around 1% annualised.

Correlation: 0.81
Size ratio: 1 : 6.8
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 US T-Bills Money Market FundUSTBL

$1.1000

24h: +0.01%
Market cap: $173.64M
Volume 24h: —
Volatility (ann.): 1%

FILQ-A 12.8%Share of the two combined market caps87.2% USTBL

Performance

FILQ-AUSTBL

7 days+0.07%+0.00%FILQ-A
30 days+0.56%+0.36%FILQ-A

Correlation

0.81over 44 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.9090d: 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	USTBL
Max drawdown (400d)	0.0%	0.0%
Risk-adjusted return (90d)	0.96	0.96

Relative strength over 90 days: FILQ-A outperformed USTBL by 0.1% — measured on the FILQ-A/USTBL ratio, so it holds regardless of market direction.

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