Ethena (ENA) is 170.7× the size of Spell (SPELL) by market capitalisation. Over the past 1 year, ENA is ahead by 25.5 percentage points (SPELL -73.0% against ENA -47.5%). Their daily returns move loosely together (correlation 0.50 across 399 shared trading days). ENA has been the more volatile of the two, at 113% annualised against SPELL's 69%.
SPELLENA
0.50over 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 | SPELL | ENA |
|---|---|---|
| Max drawdown (400d) | -83.7% | -88.7% |
| Risk-adjusted return (90d) | -0.04 | 0.65 |
| Best 30 days (past year) | +27.4% | +107.9% |
| Worst 30 days (past year) | -41.9% | -55.6% |
Relative strength over 90 days: ENA outperformed SPELL by 48.2% — measured on the SPELL/ENA ratio, so it holds regardless of market direction.