We derive the mapping between two of the most pervasive utility functions, the mean square error ($MSE$) and the concordance correlation coefficient (CCC, $ρ_c$). Despite its drawbacks, $MSE$ is one of the most popular performance metrics (and a loss function); along with lately $ρ_c$ in many of the sequence prediction challenges. Despite the ever-growing simultaneous usage, e.g., inter-rater agreement, assay validation, a mapping between the two metrics is missing, till date. While minimisation of $L_p$ norm of the errors or of its positive powers (e.g., $MSE$) is aimed at $ρ_c$ maximisation, we reason the often-witnessed ineffectiveness of this popular loss function with graphical illustrations. The discovered formula uncovers not only the counterintuitive revelation that `$MSE_1<MSE_2$' does not imply `$ρ_{c_1}>ρ_{c_2}$', but also provides the precise range for the $ρ_c$ metric for a given $MSE$. We discover the conditions for $ρ_c$ optimisation for a given $MSE$; and as a logical next step, for a given set of errors. We generalise and discover the conditions for any given $L_p$ norm, for an even p. We present newly discovered, albeit apparent, mathematical paradoxes. The study inspires and anticipates a growing use of $ρ_c$-inspired loss functions e.g., $\left|\frac{MSE}{σ_{XY}}\right|$, replacing the traditional $L_p$-norm loss functions in multivariate regressions.