Magic Eden (ME) is 12.5× the size of ROACORE (ROA) by market capitalisation. Over the past 1 year, ROA is ahead by 16.6 percentage points (ROA -70.2% against ME -86.8%). Their daily returns move barely together (correlation 0.30 across 368 shared trading days). Both have run at a similar volatility, around 83% annualised.
ROAME
0.30over 368 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 | ROA | ME |
|---|---|---|
| Max drawdown (400d) | -74.4% | -92.0% |
| Risk-adjusted return (90d) | -0.14 | -0.18 |
| Best 30 days (past year) | +25.2% | +31.2% |
| Worst 30 days (past year) | -39.5% | -52.5% |
Relative strength over 90 days: ROA outperformed ME by 14.7% — measured on the ROA/ME ratio, so it holds regardless of market direction.