Ethena (ENA) is 5.5× the size of Curve DAO (CRV) by market capitalisation. Over the past 1 year, CRV is ahead by 8.3 percentage points (CRV -34.8% against ENA -43.2%). Their daily returns move closely together (correlation 0.64 across 399 shared trading days). ENA has been the more volatile of the two, at 112% annualised against CRV's 92%.
CRVENA
0.64over 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 | CRV | ENA |
|---|---|---|
| Max drawdown (400d) | -76.8% | -88.7% |
| Risk-adjusted return (90d) | 0.28 | 0.69 |
| Best 30 days (past year) | +82.7% | +107.9% |
| Worst 30 days (past year) | -46.1% | -55.6% |
Relative strength over 90 days: ENA outperformed CRV by 34.1% — measured on the CRV/ENA ratio, so it holds regardless of market direction.