Ethena (ENA) is 1.6× the size of Sky (SKY) by market capitalisation. Over the past 1 year, SKY is ahead by 69.0 percentage points (ENA -47.5% against SKY +21.5%). Their daily returns move loosely together (correlation 0.47 across 399 shared trading days). ENA has been the more volatile of the two, at 113% annualised against SKY's 73%.
ENASKY
0.47over 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 | SKY |
|---|---|---|
| Max drawdown (400d) | -88.7% | -44.9% |
| Risk-adjusted return (90d) | 0.65 | 0.20 |
| Best 30 days (past year) | +107.9% | +59.9% |
| Worst 30 days (past year) | -55.6% | -33.0% |
Relative strength over 90 days: ENA outperformed SKY by 62.7% — measured on the ENA/SKY ratio, so it holds regardless of market direction.