MSquare Global (MSQ) and HAVA (HAVA) compared side by side. Their daily returns move barely together (correlation 0.10 across 31 shared trading days). MSQ has been the more volatile of the two, at 315% annualised against HAVA's 5%.
MSQHAVA
0.10over 31 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 | HAVA |
|---|---|---|
| Max drawdown (400d) | -99.4% | -1.8% |
| Risk-adjusted return (90d) | -0.04 | -0.26 |
| Best 30 days (past year) | +175.8% | — |
| Worst 30 days (past year) | -89.0% | — |
Relative strength over 90 days: MSQ outperformed HAVA by 89.2% — measured on the MSQ/HAVA ratio, so it holds regardless of market direction.