Ethena (ENA) is 288.0× the size of Resolv (RESOLV) by market capitalisation. Over the past 1 year, ENA is ahead by 19.0 percentage points (RESOLV -66.5% against ENA -47.5%). Their daily returns move barely together (correlation 0.21 across 399 shared trading days). RESOLV has been the more volatile of the two, at 150% annualised against ENA's 113%.
RESOLVENA
0.21over 399 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 | RESOLV | ENA |
|---|---|---|
| Max drawdown (400d) | -92.3% | -88.7% |
| Risk-adjusted return (90d) | -0.14 | 0.65 |
| Best 30 days (past year) | +78.0% | +107.9% |
| Worst 30 days (past year) | -66.1% | -55.6% |
Relative strength over 90 days: ENA outperformed RESOLV by 53.6% — measured on the RESOLV/ENA ratio, so it holds regardless of market direction.