I have different models, predicting a vector $\boldsymbol{v}\in\mathbb{R}^3$. Now I would like to compare the performance of these models against a baseline vector $\boldsymbol{b}\in\mathbb{R}^3$, for example from an experiment.
So far, I used the cosine between the normalized vectors and the magnitudes separately, but I would like to have a single scalar value $m$ describing the similarity, ideally something $m\in[0,1]$. I thought about taking the (weighted) sum of the cosine and the "commutative relative error"$^*$ of the magnitudes like: $$m = s_{cos} \frac{1 + \boldsymbol{\hat{v}}\cdot \boldsymbol{\hat{b}}}{2} + s_{mag} \left(1 - \sqrt{\frac{\left(||\boldsymbol{v}|| - ||\boldsymbol{b}||\right)^2}{||\boldsymbol{v}||^2 + ||\boldsymbol{b}||^2}}\right),\quad s_{cos} + s_{mag} = 1$$
where $\boldsymbol{\hat{x}} = \frac{\boldsymbol{x}}{||\boldsymbol{x}||}$. The dot product is scaled such, that it is is in $[0,1]$ and $0$ is now an opposing vector and $1$ a parallel one. A first start would be to set $s_{cos} = s_{mag}$, however one could control the influence of an angular or magnitudal change that way.
Would that be a useful measure? Are there other ones that are already established?
edit: I noticed, that due to the cosine function, the change in angle is non-linear to the measure but a change in magnitude is. Further, instead of a weighted sum, a product could be used, so that the measure is zero if either the angle is opposing or the magnitude is maximally off. Therefore, another formulation could be used:
$$m_{\text{v2}} = \left(1-\frac{\cos^{-1}\left(\boldsymbol{\hat{v}}\cdot \boldsymbol{\hat{b}}\right)}{\pi} \right) \left(1 - \sqrt{\frac{\left(||\boldsymbol{v}|| - ||\boldsymbol{b}||\right)^2}{||\boldsymbol{v}||^2 + ||\boldsymbol{b}||^2}}\right)$$
$^*$ Is there another name for that equation maybe?