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

Spiko EU T-Bills Money Market Fund (EUTBL) is 2.8× the size of Spiko US T-Bills Money Market Fund (USTBL) by market capitalisation. Over the past 30 days, USTBL is ahead by 3.6 percentage points (USTBL +0.4% against EUTBL -3.3%). Their daily returns move loosely in opposite directions (correlation -0.39 across 56 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against USTBL's 1%.

Correlation: -0.39
Size ratio: 1 : 2.8
Ahead over 30 days: USTBL

Spiko US T-Bills Money Market FundUSTBL

$1.1000

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

Spiko EU T-Bills Money Market FundEUTBL

$1.1900

24h: +0.58%
Market cap: $488.63M
Volume 24h: —
Volatility (ann.): 9%

USTBL 26.2%Share of the two combined market caps73.8% EUTBL

Performance

USTBLEUTBL

7 days+0.00%+0.85%EUTBL
30 days+0.36%-3.25%USTBL

Correlation

-0.39over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.7090d: 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	USTBL	EUTBL
Max drawdown (400d)	0.0%	-4.8%
Risk-adjusted return (90d)	0.96	-0.28

Relative strength over 90 days: USTBL outperformed EUTBL by 3.2% — measured on the USTBL/EUTBL ratio, so it holds regardless of market direction.

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