Magic Eden (ME) is 7.0× the size of ThetaDrop (TDROP) by market capitalisation. Over the past 1 year, TDROP is ahead by 28.6 percentage points (TDROP -58.5% against ME -87.1%). Their daily returns move barely together (correlation 0.24 across 363 shared trading days). TDROP has been the more volatile of the two, at 103% annualised against ME's 89%.
TDROPME
0.24over 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 | TDROP | ME |
|---|---|---|
| Max drawdown (400d) | -78.3% | -92.0% |
| Risk-adjusted return (90d) | 0.43 | -0.16 |
| Best 30 days (past year) | — | +31.2% |
| Worst 30 days (past year) | — | -52.5% |
Relative strength over 90 days: ME outperformed TDROP by 5.0% — measured on the TDROP/ME ratio, so it holds regardless of market direction.