Ethena (ENA) is 461.9× the size of DAO Maker (DAO) by market capitalisation. Over the past 1 year, ENA is ahead by 33.6 percentage points (DAO -81.1% against ENA -47.5%). Their daily returns move barely together (correlation 0.22 across 373 shared trading days). DAO has been the more volatile of the two, at 145% annualised against ENA's 113%.
DAOENA
0.22over 373 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 | DAO | ENA |
|---|---|---|
| Max drawdown (400d) | -83.6% | -88.7% |
| Risk-adjusted return (90d) | -0.27 | 0.65 |
| Best 30 days (past year) | +159.9% | +107.9% |
| Worst 30 days (past year) | -51.9% | -55.6% |
Relative strength over 90 days: ENA outperformed DAO by 65.2% — measured on the DAO/ENA ratio, so it holds regardless of market direction.