Injective (INJ) is 180.7× the size of Enzyme (MLN) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 272 shared trading days). MLN has been the more volatile of the two, at 162% annualised against INJ's 100%.
MLNINJ
0.23over 272 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 | MLN | INJ |
|---|---|---|
| Max drawdown (400d) | -91.1% | -79.5% |
| Risk-adjusted return (90d) | -0.53 | 0.46 |
| Best 30 days (past year) | — | +92.8% |
| Worst 30 days (past year) | — | -46.8% |
Relative strength over 90 days: INJ outperformed MLN by 83.7% — measured on the MLN/INJ ratio, so it holds regardless of market direction.