Nest Treasury Vault vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 138.6× the size of Nest Treasury Vault (NTBILL) by market capitalisation. Over the past 30 days, NTBILL is ahead by 3.9 percentage points (NTBILL +0.7% against EUTBL -3.3%). Their daily returns move loosely together (correlation 0.53 across 24 shared trading days). NTBILL has been the more volatile of the two, at 151% annualised against EUTBL's 9%.

Correlation: 0.53
Size ratio: 1 : 138.6
Ahead over 30 days: NTBILL

Nest Treasury VaultNTBILL

$1.0620

24h: +0.03%
Market cap: $3.49M
Volume 24h: —
Volatility (ann.): 151%

Spiko EU T-Bills Money Market FundEUTBL

$1.2000

24h: +0.65%
Market cap: $483.02M
Volume 24h: —
Volatility (ann.): 9%

NTBILL 0.7%Share of the two combined market caps99.3% EUTBL

Performance

NTBILLEUTBL

7 days+0.38%+0.85%EUTBL
30 days+0.66%-3.25%NTBILL

Correlation

0.53over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	NTBILL	EUTBL
Max drawdown (400d)	-25.9%	-4.8%
Risk-adjusted return (90d)	0.00	-0.28

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

Nest Treasury Vault →Spiko EU T-Bills Money Market Fund →