Ethena (ENA) is 49507.1× the size of Fringe Finance (FRIN) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 142 shared trading days). FRIN has been the more volatile of the two, at 144% annualised against ENA's 112%.
FRINENA
0.31over 142 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 | FRIN | ENA |
|---|---|---|
| Max drawdown (400d) | -78.6% | -88.7% |
| Risk-adjusted return (90d) | -0.57 | 0.69 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed FRIN by 60.2% — measured on the FRIN/ENA ratio, so it holds regardless of market direction.