Ethena (ENA) is 42.0× the size of Spark (SPK) by market capitalisation. Over the past 1 year, SPK is ahead by 1.1 percentage points (SPK -46.4% against ENA -47.5%). Their daily returns move loosely together (correlation 0.44 across 399 shared trading days). Both have run at a similar volatility, around 110% annualised.
SPKENA
0.44over 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 | SPK | ENA |
|---|---|---|
| Max drawdown (400d) | -75.3% | -88.7% |
| Risk-adjusted return (90d) | 0.07 | 0.65 |
| Best 30 days (past year) | +141.2% | +107.9% |
| Worst 30 days (past year) | -50.4% | -55.6% |
Relative strength over 90 days: ENA outperformed SPK by 43.2% — measured on the SPK/ENA ratio, so it holds regardless of market direction.