Ethena (ENA) is 22124.6× the size of Capa (CAPA) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 26 shared trading days). Both have run at a similar volatility, around 115% annualised.
CAPAENA
0.41over 26 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 | CAPA | ENA |
|---|---|---|
| Max drawdown (400d) | -30.7% | -88.7% |
| Risk-adjusted return (90d) | -0.06 | 0.69 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed CAPA by 44.9% — measured on the CAPA/ENA ratio, so it holds regardless of market direction.