Magic Eden (ME) is 2.6× the size of Collect on Fanable (COLLECT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.27 across 40 shared trading days). COLLECT has been the more volatile of the two, at 218% annualised against ME's 89%.
MECOLLECT
-0.27over 40 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 | ME | COLLECT |
|---|---|---|
| Max drawdown (400d) | -92.0% | -81.9% |
| Risk-adjusted return (90d) | -0.16 | -0.30 |
| Best 30 days (past year) | +31.2% | — |
| Worst 30 days (past year) | -52.5% | — |
Relative strength over 90 days: ME outperformed COLLECT by 145.7% — measured on the ME/COLLECT ratio, so it holds regardless of market direction.