Ethena (ENA) is 94.2× the size of Gitcoin (GTC) by market capitalisation. Over the past 1 year, GTC is ahead by 82.3 percentage points (GTC +34.8% against ENA -47.5%). Their daily returns move barely together (correlation 0.16 across 399 shared trading days). GTC has been the more volatile of the two, at 158% annualised against ENA's 113%.
GTCENA
0.16over 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 | GTC | ENA |
|---|---|---|
| Max drawdown (400d) | -77.0% | -88.7% |
| Risk-adjusted return (90d) | 0.74 | 0.65 |
| Best 30 days (past year) | +298.4% | +107.9% |
| Worst 30 days (past year) | -59.0% | -55.6% |
Relative strength over 90 days: GTC outperformed ENA by 46.5% — measured on the GTC/ENA ratio, so it holds regardless of market direction.