Ethena (ENA) is 519.9× the size of Sperax (SPA) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 110 shared trading days). ENA has been the more volatile of the two, at 113% annualised against SPA's 79%.
SPAENA
0.27over 110 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 | SPA | ENA |
|---|---|---|
| Max drawdown (400d) | -26.9% | -88.7% |
| Risk-adjusted return (90d) | 0.12 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed SPA by 49.0% — measured on the SPA/ENA ratio, so it holds regardless of market direction.