Ethena (ENA) is 22251.0× the size of dForce (DF) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.30 across 138 shared trading days). DF has been the more volatile of the two, at 239% annualised against ENA's 113%.
DFENA
-0.30over 138 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 | DF | ENA |
|---|---|---|
| Max drawdown (400d) | -99.6% | -88.7% |
| Risk-adjusted return (90d) | -0.35 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed DF by 98.9% — measured on the DF/ENA ratio, so it holds regardless of market direction.