Ethena (ENA) is 62616.2× the size of Ruby Coin (RUBY) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.28 across 27 shared trading days). RUBY has been the more volatile of the two, at 147% annualised against ENA's 112%.
RUBYENA
-0.28over 27 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 | RUBY | ENA |
|---|---|---|
| Max drawdown (400d) | -37.4% | -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 RUBY by 51.5% — measured on the RUBY/ENA ratio, so it holds regardless of market direction.