Ethena (ENA) is 12818.6× the size of NFPrompt (NFP) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 282 shared trading days). NFP has been the more volatile of the two, at 557% annualised against ENA's 113%.
NFPENA
0.08over 282 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 | NFP | ENA |
|---|---|---|
| Max drawdown (400d) | -95.6% | -88.7% |
| Risk-adjusted return (90d) | -0.08 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed NFP by 75.5% — measured on the NFP/ENA ratio, so it holds regardless of market direction.