Ethena (ENA) is 692.9× the size of GAIB (GAIB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 37 shared trading days). GAIB has been the more volatile of the two, at 521% annualised against ENA's 113%.
GAIBENA
-0.06over 37 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 | GAIB | ENA |
|---|---|---|
| Max drawdown (400d) | -53.7% | -88.7% |
| Risk-adjusted return (90d) | 0.06 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: GAIB outperformed ENA by 21.3% — measured on the GAIB/ENA ratio, so it holds regardless of market direction.