Ethena (ENA) is 2876.2× the size of Reflexer Ungovernance (FLX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.33 across 29 shared trading days). Both have run at a similar volatility, around 116% annualised.
FLXENA
-0.33over 29 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 | FLX | ENA |
|---|---|---|
| Max drawdown (400d) | -28.0% | -88.7% |
| Risk-adjusted return (90d) | -0.19 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: FLX outperformed ENA by 9.8% — measured on the FLX/ENA ratio, so it holds regardless of market direction.