Ethena (ENA) is 20902.2× the size of Elixir (ELX) by market capitalisation. Over the past 1 year, ENA is ahead by 51.6 percentage points (ELX -99.1% against ENA -47.5%). Their daily returns move barely together (correlation 0.06 across 372 shared trading days). ELX has been the more volatile of the two, at 118320% annualised against ENA's 113%.
ELXENA
0.06over 372 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 | ELX | ENA |
|---|---|---|
| Max drawdown (400d) | -99.9% | -88.7% |
| Risk-adjusted return (90d) | 0.00 | 0.65 |
| Best 30 days (past year) | +23968.5% | +107.9% |
| Worst 30 days (past year) | -97.6% | -55.6% |
Relative strength over 90 days: ENA outperformed ELX by 66.3% — measured on the ELX/ENA ratio, so it holds regardless of market direction.