Sygnum FIUSD Liquidity Fund vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 10.0× the size of Sygnum FIUSD Liquidity Fund (FIUSD) by market capitalisation. Over the past 30 days, FIUSD is ahead by 3.8 percentage points (FIUSD +0.5% against EUTBL -3.3%). Their daily returns move closely in opposite directions (correlation -0.64 across 50 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against FIUSD's 1%.

Correlation: -0.64
Size ratio: 1 : 10.0
Ahead over 30 days: FIUSD

Sygnum FIUSD Liquidity FundFIUSD

$12,087.47

24h: +0.01%
Market cap: $48.32M
Volume 24h: —
Volatility (ann.): 1%

Spiko EU T-Bills Money Market FundEUTBL

$1.2000

24h: +0.74%
Market cap: $482.94M
Volume 24h: —
Volatility (ann.): 9%

FIUSD 9.1%Share of the two combined market caps90.9% EUTBL

Performance

FIUSDEUTBL

7 days+0.08%+0.85%EUTBL
30 days+0.54%-3.25%FIUSD

Correlation

-0.64over 50 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.7490d: 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	FIUSD	EUTBL
Max drawdown (400d)	0.0%	-4.8%
Risk-adjusted return (90d)	1.35	-0.28

Relative strength over 90 days: FIUSD outperformed EUTBL by 4.2% — measured on the FIUSD/EUTBL ratio, so it holds regardless of market direction.

Sygnum FIUSD Liquidity Fund →Spiko EU T-Bills Money Market Fund →