Spiko Amundi Overnight Swap Fund (EUR) vs Ondo US Dollar Yield

Ondo US Dollar Yield (USDY) is 1.3× the size of Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO) by market capitalisation. Over the past 30 days, USDY is ahead by 2.6 percentage points (EURSAFO -2.6% against USDY +0.0%). Their daily returns move barely together (correlation 0.09 across 58 shared trading days). EURSAFO has been the more volatile of the two, at 10% annualised against USDY's 6%.

Correlation: 0.09
Size ratio: 1 : 1.3
Ahead over 30 days: USDY

Spiko Amundi Overnight Swap Fund (EUR)EURSAFO

$1.1400

24h: +0.65%
Market cap: $1.88B
Volume 24h: —
Volatility (ann.): 10%

Ondo US Dollar YieldUSDY

$1.1500

24h: +0.12%
Market cap: $2.40B
Volume 24h: $2.78M
Volatility (ann.): 6%

EURSAFO 43.9%Share of the two combined market caps56.1% USDY

Performance

EURSAFOUSDY

7 days+0.88%+0.00%EURSAFO
30 days-2.56%+0.00%USDY

Correlation

0.09over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0090d: 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	EURSAFO	USDY
Max drawdown (400d)	-4.2%	-0.9%
Risk-adjusted return (90d)	-0.27	0.15

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

Spiko Amundi Overnight Swap Fund (EUR) →Ondo US Dollar Yield →