Spiko US T-Bills Money Market Fund vs Circle USYC

Circle USYC (USYC) is 12.9× the size of Spiko US T-Bills Money Market Fund (USTBL) by market capitalisation. Over the past 30 days, USTBL is ahead by 0.4 percentage points (USTBL +0.4% against USYC +0.0%). Their daily returns move barely together (correlation 0.31 across 55 shared trading days). USYC has been the more volatile of the two, at 2% annualised against USTBL's 1%.

Correlation: 0.31
Size ratio: 1 : 12.9
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%

Circle USYCUSYC

$1.1400

24h: +0.01%
Market cap: $2.24B
Volume 24h: —
Volatility (ann.): 2%

USTBL 7.2%Share of the two combined market caps92.8% USYC

Performance

USTBLUSYC

7 days+0.00%+0.00%USTBL
30 days+0.36%+0.00%USTBL

Correlation

0.31over 55 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	USTBL	USYC
Max drawdown (400d)	0.0%	0.0%
Risk-adjusted return (90d)	0.96	0.39

Relative strength over 90 days: USYC outperformed USTBL by 0.2% — measured on the USTBL/USYC ratio, so it holds regardless of market direction.

Spiko US T-Bills Money Market Fund →Circle USYC →