Ethena (ENA) is 53918.8× the size of Lattice (LTX) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 37 shared trading days). LTX has been the more volatile of the two, at 283% annualised against ENA's 113%.
LTXENA
0.28over 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 | LTX | ENA |
|---|---|---|
| Max drawdown (400d) | -92.3% | -88.7% |
| Risk-adjusted return (90d) | -0.33 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed LTX by 92.8% — measured on the LTX/ENA ratio, so it holds regardless of market direction.