Ethena (ENA) is 4.1× the size of Ether.fi (ETHFI) by market capitalisation. Over the past 1 year, ETHFI is ahead by 14.6 percentage points (ETHFI -32.9% against ENA -47.5%). Their daily returns move closely together (correlation 0.61 across 399 shared trading days). Both have run at a similar volatility, around 106% annualised.
ETHFIENA
0.61over 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 | ETHFI | ENA |
|---|---|---|
| Max drawdown (400d) | -84.3% | -88.7% |
| Risk-adjusted return (90d) | 0.54 | 0.65 |
| Best 30 days (past year) | +78.6% | +107.9% |
| Worst 30 days (past year) | -46.6% | -55.6% |
Relative strength over 90 days: ENA outperformed ETHFI by 18.1% — measured on the ETHFI/ENA ratio, so it holds regardless of market direction.