Midas mTBILL vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 6.6× the size of Midas mTBILL (MTBILL) by market capitalisation. Over the past 30 days, MTBILL is ahead by 3.7 percentage points (MTBILL +0.5% against EUTBL -3.3%). Their daily returns move loosely in opposite directions (correlation -0.51 across 52 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against MTBILL's 1%.

Correlation: -0.51
Size ratio: 1 : 6.6
Ahead over 30 days: MTBILL

Midas mTBILLMTBILL

$1.0770

24h: +0.04%
Market cap: $73.48M
Volume 24h: —
Volatility (ann.): 1%

Spiko EU T-Bills Money Market FundEUTBL

$1.1900

24h: +0.39%
Market cap: $481.61M
Volume 24h: —
Volatility (ann.): 9%

MTBILL 13.2%Share of the two combined market caps86.8% EUTBL

Performance

MTBILLEUTBL

7 days+0.09%+0.85%EUTBL
30 days+0.47%-3.25%MTBILL

Correlation

-0.51over 52 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.5990d: 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	MTBILL	EUTBL
Max drawdown (400d)	0.0%	-4.8%
Risk-adjusted return (90d)	0.93	-0.28

Relative strength over 90 days: MTBILL outperformed EUTBL by 4.0% — measured on the MTBILL/EUTBL ratio, so it holds regardless of market direction.

Midas mTBILL →Spiko EU T-Bills Money Market Fund →