MSquare Global (MSQ) and Civic (CVC) compared side by side. Over the past 1 year, CVC is ahead by 41.7 percentage points (MSQ -98.9% against CVC -57.2%). Their daily returns move barely together (correlation 0.04 across 373 shared trading days). MSQ has been the more volatile of the two, at 315% annualised against CVC's 81%.
MSQCVC
0.04over 373 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 | MSQ | CVC |
|---|---|---|
| Max drawdown (400d) | -99.4% | -81.0% |
| Risk-adjusted return (90d) | -0.04 | 0.22 |
| Best 30 days (past year) | +175.8% | +85.8% |
| Worst 30 days (past year) | -89.0% | -38.6% |
Relative strength over 90 days: CVC outperformed MSQ by 10.6% — measured on the MSQ/CVC ratio, so it holds regardless of market direction.