Magic Eden (ME) is 1.2× the size of Tensor (TNSR) by market capitalisation. Over the past 1 year, TNSR is ahead by 45.2 percentage points (TNSR -41.9% against ME -87.1%). Their daily returns move barely together (correlation 0.17 across 399 shared trading days). TNSR has been the more volatile of the two, at 282% annualised against ME's 89%.
TNSRME
0.17over 399 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 | TNSR | ME |
|---|---|---|
| Max drawdown (400d) | -89.4% | -92.0% |
| Risk-adjusted return (90d) | -0.15 | -0.16 |
| Best 30 days (past year) | +153.5% | +31.2% |
| Worst 30 days (past year) | -65.5% | -52.5% |
Relative strength over 90 days: TNSR outperformed ME by 3.0% — measured on the TNSR/ME ratio, so it holds regardless of market direction.