Ethena (ENA) is 42.7× the size of NOXO (NOXO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.19 across 41 shared trading days). Both have run at a similar volatility, around 106% annualised.
NOXOENA
-0.19over 41 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 | NOXO | ENA |
|---|---|---|
| Max drawdown (400d) | -19.5% | -88.7% |
| Risk-adjusted return (90d) | 0.63 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: NOXO outperformed ENA by 39.0% — measured on the NOXO/ENA ratio, so it holds regardless of market direction.