Spiko UK T-Bills Money Market Fund vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 39.3× the size of Spiko UK T-Bills Money Market Fund (UKTBL) by market capitalisation. Over the past 30 days, UKTBL is ahead by 1.1 percentage points (UKTBL -2.2% against EUTBL -3.3%). Their daily returns move closely together (correlation 0.62 across 22 shared trading days). Both have run at a similar volatility, around 9% annualised.

Correlation: 0.62
Size ratio: 1 : 39.3
Ahead over 30 days: UKTBL

Spiko UK T-Bills Money Market FundUKTBL

$1.3900

24h: +0.46%
Market cap: $12.30M
Volume 24h: —
Volatility (ann.): 8%

Spiko EU T-Bills Money Market FundEUTBL

$1.2000

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

UKTBL 2.5%Share of the two combined market caps97.5% EUTBL

Performance

UKTBLEUTBL

7 days-0.73%+0.85%EUTBL
30 days-2.16%-3.25%UKTBL

Correlation

0.62over 22 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	UKTBL	EUTBL
Max drawdown (400d)	-2.9%	-4.8%
Risk-adjusted return (90d)	-0.26	-0.28

Relative strength over 90 days: EUTBL outperformed UKTBL by 0.5% — measured on the UKTBL/EUTBL ratio, so it holds regardless of market direction.

Spiko UK T-Bills Money Market Fund →Spiko EU T-Bills Money Market Fund →