Magma Finance vs Bitway

Bitway (BTW) is 22.5× the size of Magma Finance (MAGMA) by market capitalisation. Over the past 30 days, BTW is ahead by 20.3 percentage points (MAGMA +53.0% against BTW +73.4%). Their daily returns move barely together (correlation 0.14 across 50 shared trading days). Both have run at a similar volatility, around 353% annualised.

Correlation: 0.14
Size ratio: 1 : 22.5
Ahead over 30 days: BTW

Magma FinanceMAGMA

$0.393291

24h: -9.51%
Market cap: $74.72M
Volume 24h: $9.66M
Volatility (ann.): 340%

BitwayBTW

$1.1200

24h: +13.05%
Market cap: $1.68B
Volume 24h: $6.14M
Volatility (ann.): 365%

MAGMA 4.3%Share of the two combined market caps95.7% BTW

Performance

MAGMABTW

7 days+51.63%-44.93%MAGMA
30 days+53.03%+73.36%BTW

Correlation

0.14over 50 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0690d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	MAGMA	BTW
Max drawdown (400d)	-64.4%	-60.7%
Risk-adjusted return (90d)	0.19	0.43

Relative strength over 90 days: BTW outperformed MAGMA by 31.9% — measured on the MAGMA/BTW ratio, so it holds regardless of market direction.

Magma Finance →Bitway →