1MillionNFTs (1MIL) and Ethereum Name Service (ENS) compared side by side. Their daily returns move loosely together (correlation 0.41 across 29 shared trading days). ENS has been the more volatile of the two, at 82% annualised against 1MIL's 46%.
1MILENS
0.41over 29 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 | 1MIL | ENS |
|---|---|---|
| Max drawdown (400d) | -20.2% | -82.4% |
| Risk-adjusted return (90d) | -0.40 | 0.23 |
| Best 30 days (past year) | — | +48.0% |
| Worst 30 days (past year) | — | -51.6% |
Relative strength over 90 days: 1MIL outperformed ENS by 15.5% — measured on the 1MIL/ENS ratio, so it holds regardless of market direction.