ΔE 32.8, loose: different enough that you should pick on purpose. Squid Pink is noticeably lighter, much more muted, cooler than Magenta.
Not as a straight swap; see the closer alternatives below. Loose match (ΔE 33). Squid Pink is noticeably lighter, much more muted, cooler than Magenta.
The same difference applies the other way round: Magenta is noticeably darker, much more saturated, warmer.
ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.
See Magenta on the colour wheel See Squid Pink on the colour wheel
All matches: Magenta equivalents · Squid Pink equivalents