Ethena (ENA) is 28695.5× the size of ErectusDAO (YUGE) by market capitalisation. Their daily returns move loosely together (correlation 0.35 across 33 shared trading days). ENA has been the more volatile of the two, at 112% annualised against YUGE's 43%.
YUGEENA
0.35over 33 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 | YUGE | ENA |
|---|---|---|
| Max drawdown (400d) | -22.4% | -88.7% |
| Risk-adjusted return (90d) | -0.37 | 0.69 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: YUGE outperformed ENA by 13.0% — measured on the YUGE/ENA ratio, so it holds regardless of market direction.