Ethena (ENA) is 1.2× the size of Aave (AAVE) by market capitalisation. Over the past 1 year, AAVE is ahead by 11.2 percentage points (ENA -47.5% against AAVE -36.3%). Their daily returns move closely together (correlation 0.62 across 399 shared trading days). ENA has been the more volatile of the two, at 113% annualised against AAVE's 87%.
ENAAAVE
0.62over 399 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 | ENA | AAVE |
|---|---|---|
| Max drawdown (400d) | -88.7% | -79.5% |
| Risk-adjusted return (90d) | 0.65 | 0.46 |
| Best 30 days (past year) | +107.9% | +56.3% |
| Worst 30 days (past year) | -55.6% | -42.7% |
Relative strength over 90 days: ENA outperformed AAVE by 33.7% — measured on the ENA/AAVE ratio, so it holds regardless of market direction.