Render (RENDER) is 29.4× the size of Treasure (MAGIC) by market capitalisation. Over the past 1 year, RENDER is ahead by 4.8 percentage points (MAGIC -30.3% against RENDER -25.5%). Their daily returns move loosely together (correlation 0.45 across 399 shared trading days). MAGIC has been the more volatile of the two, at 129% annualised against RENDER's 95%.
MAGICRENDER
0.45over 399 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 | RENDER |
|---|---|---|
| Max drawdown (400d) | -78.5% | -66.8% |
| Risk-adjusted return (90d) | 0.47 | 0.17 |
| Best 30 days (past year) | +217.8% | +82.4% |
| Worst 30 days (past year) | -43.8% | -49.7% |
Relative strength over 90 days: MAGIC outperformed RENDER by 76.3% — measured on the MAGIC/RENDER ratio, so it holds regardless of market direction.