Spiko US T-Bills Money Market Fund vs Invesco Short Duration US Government Securities Fund

Invesco Short Duration US Government Securities Fund (USTB) is 3.7× the size of Spiko US T-Bills Money Market Fund (USTBL) by market capitalisation. Over the past 30 days, USTB is ahead by 0.2 percentage points (USTBL +0.4% against USTB +0.5%). Their daily returns move closely together (correlation 0.67 across 56 shared trading days). Both have run at a similar volatility, around 1% annualised.

Correlation: 0.67
Size ratio: 1 : 3.7
Ahead over 30 days: USTB

Spiko US T-Bills Money Market FundUSTBL

$1.1000

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

Invesco Short Duration US Government Securities FundUSTB

$11.2700

24h: +0.04%
Market cap: $635.53M
Volume 24h: —
Volatility (ann.): 1%

USTBL 21.5%Share of the two combined market caps78.5% USTB

Performance

USTBLUSTB

7 days+0.00%+0.09%USTB
30 days+0.36%+0.54%USTB

Correlation

0.67over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6990d: 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	USTB
Max drawdown (400d)	0.0%	0.0%
Risk-adjusted return (90d)	0.96	1.15

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

Spiko US T-Bills Money Market Fund →Invesco Short Duration US Government Securities Fund →