Machina (MXNA) and Immutable (IMX) compared side by side. Over the past 1 year, MXNA is ahead by 23.3 percentage points (MXNA -50.1% against IMX -73.3%). Their daily returns move barely together (correlation 0.13 across 367 shared trading days). Both have run at a similar volatility, around 90% annualised.
MXNAIMX
0.13over 367 shared trading days
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.
| Metric | MXNA | IMX |
|---|---|---|
| Max drawdown (400d) | -72.5% | -87.2% |
| Risk-adjusted return (90d) | -0.31 | 0.08 |
| Best 30 days (past year) | +148.3% | +67.7% |
| Worst 30 days (past year) | -62.5% | -50.4% |
Relative strength over 90 days: IMX outperformed MXNA by 4.7% — measured on the MXNA/IMX ratio, so it holds regardless of market direction.