MSquare Global (MSQ) and ONFA (OFT) compared side by side. Over the past 1 year, OFT is ahead by 6.4 percentage points (MSQ -98.9% against OFT -92.4%). Their daily returns move barely together (correlation 0.04 across 363 shared trading days). MSQ has been the more volatile of the two, at 315% annualised against OFT's 117%.
MSQOFT
0.04over 363 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 | OFT |
|---|---|---|
| Max drawdown (400d) | -99.4% | -94.0% |
| Risk-adjusted return (90d) | -0.04 | -0.48 |
| Best 30 days (past year) | +175.8% | — |
| Worst 30 days (past year) | -89.0% | — |
Relative strength over 90 days: MSQ outperformed OFT by 296.9% — measured on the MSQ/OFT ratio, so it holds regardless of market direction.