MAGIKAL.ai (MGKL) and Tether (USDT) compared side by side. Their daily returns move barely together (correlation 0.10 across 41 shared trading days). MGKL has been the more volatile of the two, at 133% annualised against USDT's 1%.
MGKLUSDT
0.10over 41 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 | MGKL | USDT |
|---|---|---|
| Max drawdown (400d) | -76.9% | -0.2% |
| Risk-adjusted return (90d) | -0.55 | -0.03 |
| Best 30 days (past year) | +200.0% | — |
| Worst 30 days (past year) | -66.7% | — |
Relative strength over 90 days: USDT outperformed MGKL by 51.7% — measured on the MGKL/USDT ratio, so it holds regardless of market direction.