Ethena (ENA) is 110.4× the size of Frax (prev. FXS) (FRAX) by market capitalisation. Their daily returns move loosely together (correlation 0.50 across 44 shared trading days). Both have run at a similar volatility, around 111% annualised.
FRAXENA
0.50over 44 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 | FRAX | ENA |
|---|---|---|
| Max drawdown (400d) | -23.4% | -88.7% |
| Risk-adjusted return (90d) | -0.20 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed FRAX by 23.8% — measured on the FRAX/ENA ratio, so it holds regardless of market direction.