Ondo Short-Term U.S. Government Bond Fund vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 1.5× the size of Ondo Short-Term U.S. Government Bond Fund (OUSG) by market capitalisation. Over the past 30 days, OUSG is ahead by 3.8 percentage points (OUSG +0.5% against EUTBL -3.3%). Their daily returns move closely in opposite directions (correlation -0.64 across 58 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against OUSG's 0%.

Correlation: -0.64
Size ratio: 1 : 1.5
Ahead over 30 days: OUSG

Ondo Short-Term U.S. Government Bond FundOUSG

$117.1400

24h: +0.01%
Market cap: $317.15M
Volume 24h: —
Volatility (ann.): 0%

Spiko EU T-Bills Money Market FundEUTBL

$1.2000

24h: +0.65%
Market cap: $482.87M
Volume 24h: —
Volatility (ann.): 9%

OUSG 39.6%Share of the two combined market caps60.4% EUTBL

Performance

OUSGEUTBL

7 days+0.07%+0.85%EUTBL
30 days+0.52%-3.25%OUSG

Correlation

-0.64over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.7390d: 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	OUSG	EUTBL
Max drawdown (400d)	0.0%	-4.8%
Risk-adjusted return (90d)	1.78	-0.28

Relative strength over 90 days: OUSG outperformed EUTBL by 3.3% — measured on the OUSG/EUTBL ratio, so it holds regardless of market direction.

Ondo Short-Term U.S. Government Bond Fund →Spiko EU T-Bills Money Market Fund →