Ethena (ENA) is 251.3× the size of Bella Protocol (BEL) by market capitalisation. Over the past 1 year, ENA is ahead by 1.3 percentage points (BEL -48.9% against ENA -47.5%). Their daily returns move barely together (correlation 0.30 across 399 shared trading days). Both have run at a similar volatility, around 116% annualised.
BELENA
0.30over 399 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 | BEL | ENA |
|---|---|---|
| Max drawdown (400d) | -75.6% | -88.7% |
| Risk-adjusted return (90d) | -0.03 | 0.65 |
| Best 30 days (past year) | +98.4% | +107.9% |
| Worst 30 days (past year) | -47.8% | -55.6% |
Relative strength over 90 days: ENA outperformed BEL by 48.1% — measured on the BEL/ENA ratio, so it holds regardless of market direction.