USDM1 vs Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is 462.4× the size of USDM1 (USDM1) by market capitalisation. Over the past 30 days, USDM1 is ahead by 3.5 percentage points (USDM1 +0.3% against EUTBL -3.3%). Their daily returns move barely in opposite directions (correlation -0.01 across 28 shared trading days). EUTBL has been the more volatile of the two, at 9% annualised against USDM1's 6%.

Correlation: -0.01
Size ratio: 1 : 462.4
Ahead over 30 days: USDM1

USDM1USDM1

$1.0210

24h: —
Market cap: $1.04M
Volume 24h: $1,327
Volatility (ann.): 6%

Spiko EU T-Bills Money Market FundEUTBL

$1.1900

24h: +0.36%
Market cap: $481.54M
Volume 24h: —
Volatility (ann.): 9%

USDM1 0.2%Share of the two combined market caps99.8% EUTBL

Performance

USDM1EUTBL

7 days+0.10%+0.85%EUTBL
30 days+0.29%-3.25%USDM1

Correlation

-0.01over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0190d: 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	USDM1	EUTBL
Max drawdown (400d)	-1.2%	-4.8%
Risk-adjusted return (90d)	0.05	-0.28

Relative strength over 90 days: USDM1 outperformed EUTBL by 3.7% — measured on the USDM1/EUTBL ratio, so it holds regardless of market direction.

USDM1 →Spiko EU T-Bills Money Market Fund →