Tether (USDT) is 4313.9× the size of Magma Finance (MAGMA) by market capitalisation. Over the past 30 days, MAGMA is ahead by 12.2 percentage points (MAGMA +12.3% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.18 across 27 shared trading days). MAGMA has been the more volatile of the two, at 350% annualised against USDT's 0%.
| Period | MAGMA | USDT | Ahead |
|---|---|---|---|
| 7 days | +4.58% | -0.01% | MAGMA |
| 30 days | +12.28% | +0.05% | MAGMA |
| Metric | MAGMA | USDT |
|---|---|---|
| Max drawdown (400d) | -63.0% | -0.0% |
| Risk-adjusted return (90d) | 0.04 | 0.19 |
Relative strength over 90 days: MAGMA outperformed USDT by 2.5% — measured on the MAGMA/USDT ratio, so it holds regardless of market direction.
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.