Theo Short Duration US Treasury Fund vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 4.1× the size of Theo Short Duration US Treasury Fund (THBILL) by market capitalisation. Over the past 30 days, THBILL is ahead by 2.7 percentage points (THBILL -0.6% against EUTBL -3.3%). Their daily returns move barely together (correlation 0.06 across 56 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against THBILL's 3%.

Correlation: 0.06
Size ratio: 1 : 4.1
Ahead over 30 days: THBILL

Theo Short Duration US Treasury FundTHBILL

$1.0120

24h: +0.03%
Market cap: $117.18M
Volume 24h: $74
Volatility (ann.): 3%

Spiko EU T-Bills Money Market FundEUTBL

$1.1900

24h: +0.52%
Market cap: $481.81M
Volume 24h: —
Volatility (ann.): 9%

THBILL 19.6%Share of the two combined market caps80.4% EUTBL

Performance

THBILLEUTBL

7 days-0.59%+0.85%EUTBL
30 days-0.59%-3.25%THBILL

Correlation

0.06over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0890d: 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	THBILL	EUTBL
Max drawdown (400d)	-0.9%	-4.8%
Risk-adjusted return (90d)	-0.19	-0.28

Relative strength over 90 days: THBILL outperformed EUTBL by 1.9% — measured on the THBILL/EUTBL ratio, so it holds regardless of market direction.

Theo Short Duration US Treasury Fund →Spiko EU T-Bills Money Market Fund →