Ethena (ENA) is 17968.2× the size of Neutron (NTRN) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 181 shared trading days). NTRN has been the more volatile of the two, at 134% annualised against ENA's 112%.
NTRNENA
0.52over 181 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 | NTRN | ENA |
|---|---|---|
| Max drawdown (400d) | -98.0% | -88.7% |
| Risk-adjusted return (90d) | -0.67 | 0.69 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed NTRN by 86.5% — measured on the NTRN/ENA ratio, so it holds regardless of market direction.