Chainlink (LINK) is 40236.3× the size of Enigma (ENX) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 39 shared trading days). ENX has been the more volatile of the two, at 404% annualised against LINK's 71%.
ENXLINK
0.46over 39 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 | ENX | LINK |
|---|---|---|
| Max drawdown (400d) | -81.4% | -69.2% |
| Risk-adjusted return (90d) | -0.14 | 0.47 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: LINK outperformed ENX by 54.2% — measured on the ENX/LINK ratio, so it holds regardless of market direction.