Ethena (ENA) is 4069.2× the size of Prisma Governance Token (PRISMA) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 39 shared trading days). ENA has been the more volatile of the two, at 113% annualised against PRISMA's 69%.
PRISMAENA
0.43over 39 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 | PRISMA | ENA |
|---|---|---|
| Max drawdown (400d) | -19.4% | -88.7% |
| Risk-adjusted return (90d) | -0.01 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed PRISMA by 14.9% — measured on the PRISMA/ENA ratio, so it holds regardless of market direction.