Enjin Coin (ENJ) is 2.8× the size of NEXST (NXT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 150 shared trading days). NXT has been the more volatile of the two, at 219% annualised against ENJ's 115%.
NXTENJ
-0.24over 150 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 | NXT | ENJ |
|---|---|---|
| Max drawdown (400d) | -89.7% | -73.9% |
| Risk-adjusted return (90d) | -0.29 | -0.06 |
| Best 30 days (past year) | — | +365.5% |
| Worst 30 days (past year) | — | -51.0% |
Relative strength over 90 days: ENJ outperformed NXT by 59.6% — measured on the NXT/ENJ ratio, so it holds regardless of market direction.