Forest Protocol vs Magma Finance

Magma Finance (MAGMA) is 29.6× the size of Forest Protocol (FOREST) by market capitalisation. Over the past 30 days, MAGMA is ahead by 73.1 percentage points (FOREST -20.1% against MAGMA +53.0%). Their daily returns move barely in opposite directions (correlation -0.18 across 25 shared trading days). MAGMA has been the more volatile of the two, at 340% annualised against FOREST's 111%.

Correlation: -0.18
Size ratio: 1 : 29.6
Ahead over 30 days: MAGMA

Forest ProtocolFOREST

$0.031188

24h: -7.07%
Market cap: $2.53M
Volume 24h: $218,055
Volatility (ann.): 111%

Magma FinanceMAGMA

$0.393640

24h: -11.97%
Market cap: $74.79M
Volume 24h: $9.69M
Volatility (ann.): 340%

FOREST 3.3%Share of the two combined market caps96.7% MAGMA

Performance

FORESTMAGMA

7 days-10.16%+51.63%MAGMA
30 days-20.06%+53.03%MAGMA

Correlation

-0.18over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1890d: 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	FOREST	MAGMA
Max drawdown (400d)	-25.6%	-64.4%
Risk-adjusted return (90d)	-0.18	0.19

Relative strength over 90 days: FOREST outperformed MAGMA by 63.8% — measured on the FOREST/MAGMA ratio, so it holds regardless of market direction.

Forest Protocol →Magma Finance →