Ethena (ENA) is 1358.8× the size of Ampleforth Governance (FORTH) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 216 shared trading days). FORTH has been the more volatile of the two, at 184% annualised against ENA's 113%.
FORTHENA
0.10over 216 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 | FORTH | ENA |
|---|---|---|
| Max drawdown (400d) | -96.7% | -88.7% |
| Risk-adjusted return (90d) | -0.32 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed FORTH by 88.8% — measured on the FORTH/ENA ratio, so it holds regardless of market direction.