Enjin Coin (ENJ) is 345.3× the size of coinage (COINAGE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 20 shared trading days). COINAGE has been the more volatile of the two, at 340% annualised against ENJ's 115%.
COINAGEENJ
-0.03over 20 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 | COINAGE | ENJ |
|---|---|---|
| Max drawdown (400d) | -40.0% | -73.9% |
| Risk-adjusted return (90d) | — | -0.04 |
| Best 30 days (past year) | — | +365.5% |
| Worst 30 days (past year) | — | -51.0% |
Relative strength over 90 days: COINAGE outperformed ENJ by 4.6% — measured on the COINAGE/ENJ ratio, so it holds regardless of market direction.