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

Spiko US T-Bills Money Market Fund (USTBL) is 14.1× the size of Spiko UK T-Bills Money Market Fund (UKTBL) by market capitalisation. Over the past 30 days, USTBL is ahead by 2.5 percentage points (UKTBL -2.2% against USTBL +0.4%). Their daily returns move barely in opposite directions (correlation -0.13 across 23 shared trading days). UKTBL has been the more volatile of the two, at 8% annualised against USTBL's 1%.

Correlation: -0.13
Size ratio: 1 : 14.1
Ahead over 30 days: USTBL

Spiko UK T-Bills Money Market FundUKTBL

$1.3900

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

Spiko US T-Bills Money Market FundUSTBL

$1.1000

24h: +0.01%
Market cap: $173.82M
Volume 24h: —
Volatility (ann.): 1%

UKTBL 6.6%Share of the two combined market caps93.4% USTBL

Performance

UKTBLUSTBL

7 days-0.73%+0.00%USTBL
30 days-2.16%+0.36%USTBL

Correlation

-0.13over 23 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	USTBL
Max drawdown (400d)	-2.9%	0.0%
Risk-adjusted return (90d)	-0.26	0.96

Relative strength over 90 days: USTBL outperformed UKTBL by 2.4% — measured on the UKTBL/USTBL ratio, so it holds regardless of market direction.

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