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

Invesco Short Duration US Government Securities Fund (USTB) is 1.3× the size of Spiko EU T-Bills Money Market Fund (EUTBL) by market capitalisation. Over the past 30 days, USTB is ahead by 3.8 percentage points (USTB +0.5% against EUTBL -3.3%). Their daily returns move loosely in opposite directions (correlation -0.44 across 58 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against USTB's 1%.

Correlation: -0.44
Size ratio: 1.3×
Ahead over 30 days: USTB

Invesco Short Duration US Government Securities FundUSTB

$11.2700

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

Spiko EU T-Bills Money Market FundEUTBL

$1.1900

24h: +0.36%
Market cap: $488.49M
Volume 24h: —
Volatility (ann.): 9%

USTB 56.5%Share of the two combined market caps43.5% EUTBL

Performance

USTBEUTBL

7 days+0.09%+0.85%EUTBL
30 days+0.54%-3.25%USTB

Correlation

-0.44over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.6590d: 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	USTB	EUTBL
Max drawdown (400d)	0.0%	-4.8%
Risk-adjusted return (90d)	1.15	-0.28

Relative strength over 90 days: USTB outperformed EUTBL by 3.4% — measured on the USTB/EUTBL ratio, so it holds regardless of market direction.

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