Ethereum Name Service (ENS) is 20271.3× the size of Ninja Protocol (NINJA) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 33 shared trading days). ENS has been the more volatile of the two, at 82% annualised against NINJA's 39%.
NINJAENS
0.59over 33 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 | NINJA | ENS |
|---|---|---|
| Max drawdown (400d) | -19.5% | -82.4% |
| Risk-adjusted return (90d) | -0.42 | 0.23 |
| Best 30 days (past year) | — | +48.0% |
| Worst 30 days (past year) | — | -51.6% |
Relative strength over 90 days: NINJA outperformed ENS by 13.3% — measured on the NINJA/ENS ratio, so it holds regardless of market direction.