SuperDARN radar and high-latitude magnetometer observations are used to statistically investigate quality of the convection direction estimates from magnetometer data if assumption is made that the magnetic equivalent convection vector (MEC) corresponds to the convection direction. The statistics includes five full days, ~75 000 of joint individual measurements for different seasons. It is demonstrated that the best (worst) agreement between the MEC and ionospheric convection occurs for the sunlit, summer (dark, winter) ionosphere. Overall, the MEC direction is reasonable (deviates less than 45° from the SuperDARN direction) in at least ~55% of points and it is better for the latitudes of the auroral oval. In terms of the magnetic local time, the agreement is the best (worst) in the dusk (early morning) sector. Possible reasons for differences between the MEC and ionospheric convection directions are discussed.