Ondo US Dollar Yield vs Spiko EU T-Bills Money Market Fund

Ondo US Dollar Yield (USDY) is 5.0× the size of Spiko EU T-Bills Money Market Fund (EUTBL) by market capitalisation. Over the past 30 days, USDY is ahead by 2.5 percentage points (USDY +0.0% against EUTBL -2.5%). Their daily returns move barely in opposite directions (correlation -0.09 across 60 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against USDY's 6%.

Correlation: -0.09
Size ratio: 5.0×
Ahead over 30 days: USDY

Ondo US Dollar YieldUSDY

$1.1500

24h: -0.20%
Market cap: $2.39B
Volume 24h: $3.91M
Volatility (ann.): 6%

Spiko EU T-Bills Money Market FundEUTBL

$1.1900

24h: -0.62%
Market cap: $479.06M
Volume 24h: —
Volatility (ann.): 9%

USDY 83.3%Share of the two combined market caps16.7% EUTBL

Performance

USDYEUTBL

7 days+0.00%+0.00%USDY
30 days+0.00%-2.46%USDY

Correlation

-0.09over 60 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	USDY	EUTBL
Max drawdown (400d)	-0.9%	-4.8%
Risk-adjusted return (90d)	0.15	-0.29

Relative strength over 90 days: USDY outperformed EUTBL by 3.4% — measured on the USDY/EUTBL ratio, so it holds regardless of market direction.

Ondo US Dollar Yield →Spiko EU T-Bills Money Market Fund →