Magic Eden (ME) is 209.6× the size of Nafter (NAFT) by market capitalisation. Over the past 1 year, NAFT is ahead by 26.9 percentage points (NAFT -59.9% against ME -86.8%). Their daily returns move barely together (correlation 0.32 across 369 shared trading days). NAFT has been the more volatile of the two, at 105% annualised against ME's 89%.
NAFTME
0.32over 369 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 | NAFT | ME |
|---|---|---|
| Max drawdown (400d) | -74.8% | -92.0% |
| Risk-adjusted return (90d) | -0.39 | -0.18 |
| Best 30 days (past year) | +172.8% | +31.2% |
| Worst 30 days (past year) | -58.5% | -52.5% |
Relative strength over 90 days: ME outperformed NAFT by 38.3% — measured on the NAFT/ME ratio, so it holds regardless of market direction.