Ethena (ENA) is 48.9× the size of RE (RE) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 140 shared trading days). RE has been the more volatile of the two, at 218% annualised against ENA's 112%.
REENA
0.06over 140 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 | RE | ENA |
|---|---|---|
| Max drawdown (400d) | -69.6% | -88.7% |
| Risk-adjusted return (90d) | -0.20 | 0.69 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed RE by 58.7% — measured on the RE/ENA ratio, so it holds regardless of market direction.