Spiko UK T-Bills Money Market Fund vs Sygnum FIUSD Liquidity Fund

Sygnum FIUSD Liquidity Fund (FIUSD) is 3.9× the size of Spiko UK T-Bills Money Market Fund (UKTBL) by market capitalisation. Over the past 30 days, FIUSD is ahead by 2.7 percentage points (UKTBL -2.2% against FIUSD +0.5%). Their daily returns move barely in opposite directions (correlation -0.21 across 26 shared trading days). UKTBL has been the more volatile of the two, at 8% annualised against FIUSD's 1%.

Correlation: -0.21
Size ratio: 1 : 3.9
Ahead over 30 days: FIUSD

Spiko UK T-Bills Money Market FundUKTBL

$1.3900

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

Sygnum FIUSD Liquidity FundFIUSD

$12,087.47

24h: +0.01%
Market cap: $48.32M
Volume 24h: —
Volatility (ann.): 1%

UKTBL 20.3%Share of the two combined market caps79.7% FIUSD

Performance

UKTBLFIUSD

7 days-0.73%+0.08%FIUSD
30 days-2.16%+0.54%FIUSD

Correlation

-0.21over 26 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2190d: 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	FIUSD
Max drawdown (400d)	-2.9%	0.0%
Risk-adjusted return (90d)	-0.26	1.35

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

Spiko UK T-Bills Money Market Fund →Sygnum FIUSD Liquidity Fund →