Crypto Asset Governance Alliance vs Ethena

Ethena (ENA) is 1782.4× the size of Crypto Asset Governance Alliance (CAGA) by market capitalisation. Over the past 1 year, CAGA is ahead by 24.2 percentage points (CAGA -23.3% against ENA -47.5%). Their daily returns move barely in opposite directions (correlation -0.07 across 373 shared trading days). ENA has been the more volatile of the two, at 113% annualised against CAGA's 30%.

Correlation: -0.07
Size ratio: 1 : 1782.4
Ahead over 1 year: CAGA

Crypto Asset Governance AllianceCAGA

$2.099e-5

24h: -0.03%
Market cap: $1.34M
Volume 24h: $622
Volatility (ann.): 30%

EthenaENA

$0.179300

24h: +3.71%
Market cap: $2.39B
Volume 24h: $331.04M
Volatility (ann.): 113%

CAGA 0.1%Share of the two combined market caps99.9% ENA

Performance

CAGAENA

7 days-0.14%-16.24%CAGA
30 days+1.20%-27.59%CAGA
90 days-16.44%+89.18%ENA
1 year-23.28%-47.52%CAGA

Correlation

-0.07over 373 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2190d: -0.081y: -0.08

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.

Risk & extremes

Metric	CAGA	ENA
Max drawdown (400d)	-27.0%	-88.7%
Risk-adjusted return (90d)	-0.54	0.65
Best 30 days (past year)	+9.4%	+107.9%
Worst 30 days (past year)	-19.6%	-55.6%

Relative strength over 90 days: ENA outperformed CAGA by 61.2% — measured on the CAGA/ENA ratio, so it holds regardless of market direction.

Crypto Asset Governance Alliance →Ethena →