Invesco Short Duration US Government Securities Fund vs Ondo US Dollar Yield

Ondo US Dollar Yield (USDY) is 3.8× the size of Invesco Short Duration US Government Securities Fund (USTB) by market capitalisation. Over the past 30 days, USTB is ahead by 0.5 percentage points (USTB +0.5% against USDY +0.0%). Their daily returns move barely in opposite directions (correlation -0.14 across 58 shared trading days). USDY has been the more volatile of the two, at 6% annualised against USTB's 1%.

Correlation: -0.14
Size ratio: 1 : 3.8
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%

Ondo US Dollar YieldUSDY

$1.1500

24h: -0.11%
Market cap: $2.40B
Volume 24h: $2.87M
Volatility (ann.): 6%

USTB 21.0%Share of the two combined market caps79.0% USDY

Performance

USTBUSDY

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

Correlation

-0.14over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0090d: 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	USDY
Max drawdown (400d)	0.0%	-0.9%
Risk-adjusted return (90d)	1.15	0.15

Relative strength over 90 days: USDY outperformed USTB by 0.1% — measured on the USTB/USDY ratio, so it holds regardless of market direction.

Invesco Short Duration US Government Securities Fund →Ondo US Dollar Yield →