Spiko Amundi Overnight Swap Fund (GBP) vs Figure Heloc

Figure Heloc (FIGR_HELOC) is 456.8× the size of Spiko Amundi Overnight Swap Fund (GBP) (GBPSAFO) by market capitalisation. Over the past 30 days, FIGR_HELOC is ahead by 2.7 percentage points (GBPSAFO +0.0% against FIGR_HELOC +2.7%). Their daily returns move barely together (correlation 0.01 across 47 shared trading days). FIGR_HELOC has been the more volatile of the two, at 52% annualised against GBPSAFO's 8%.

Correlation: 0.01
Size ratio: 1 : 456.8
Ahead over 30 days: FIGR_HELOC

Spiko Amundi Overnight Swap Fund (GBP)GBPSAFO

$1.3800

24h: +0.53%
Market cap: $58.78M
Volume 24h: —
Volatility (ann.): 8%

Figure HelocFIGR_HELOC

$1.0300

24h: -0.19%
Market cap: $26.85B
Volume 24h: $481.28M
Volatility (ann.): 52%

GBPSAFO 0.2%Share of the two combined market caps99.8% FIGR_HELOC

Performance

GBPSAFOFIGR_HELOC

7 days+0.73%+0.19%GBPSAFO
30 days+0.00%+2.69%FIGR_HELOC

Correlation

0.01over 47 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0690d: 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	GBPSAFO	FIGR_HELOC
Max drawdown (400d)	-2.9%	-5.5%
Risk-adjusted return (90d)	-0.09	0.05

Relative strength over 90 days: FIGR_HELOC outperformed GBPSAFO by 1.3% — measured on the GBPSAFO/FIGR_HELOC ratio, so it holds regardless of market direction.

Spiko Amundi Overnight Swap Fund (GBP) →Figure Heloc →