Pendle (PENDLE) is 17861.7× the size of ENKI Protocol (ENKI) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 31 shared trading days). PENDLE has been the more volatile of the two, at 95% annualised against ENKI's 49%.
ENKIPENDLE
0.34over 31 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 | ENKI | PENDLE |
|---|---|---|
| Max drawdown (400d) | -8.6% | -79.8% |
| Risk-adjusted return (90d) | 0.13 | 0.23 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: ENKI outperformed PENDLE by 5.6% — measured on the ENKI/PENDLE ratio, so it holds regardless of market direction.