Kite (KITE) is 10.4× the size of Treasure (MAGIC) by market capitalisation. Over the past 1 year, KITE is ahead by 84.6 percentage points (MAGIC -30.3% against KITE +54.3%). Their daily returns move barely together (correlation 0.11 across 366 shared trading days). Both have run at a similar volatility, around 125% annualised.
MAGICKITE
0.11over 366 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 | MAGIC | KITE |
|---|---|---|
| Max drawdown (400d) | -78.5% | -69.5% |
| Risk-adjusted return (90d) | 0.47 | 0.19 |
| Best 30 days (past year) | +217.8% | +151.2% |
| Worst 30 days (past year) | -43.8% | -55.6% |
Relative strength over 90 days: MAGIC outperformed KITE by 67.7% — measured on the MAGIC/KITE ratio, so it holds regardless of market direction.