Ethena (ENA) is 14931.9× the size of Asymmetry Finance (ASF) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 33 shared trading days). ENA has been the more volatile of the two, at 112% annualised against ASF's 70%.
ASFENA
0.05over 33 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 | ASF | ENA |
|---|---|---|
| Max drawdown (400d) | -22.4% | -88.7% |
| Risk-adjusted return (90d) | -0.28 | 0.69 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ASF outperformed ENA by 12.5% — measured on the ASF/ENA ratio, so it holds regardless of market direction.