Ethena (ENA) is 4834.2× the size of Thala (THL) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 31 shared trading days). THL has been the more volatile of the two, at 131% annualised against ENA's 113%.
THLENA
0.44over 31 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 | THL | ENA |
|---|---|---|
| Max drawdown (400d) | -40.9% | -88.7% |
| Risk-adjusted return (90d) | -0.31 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed THL by 16.9% — measured on the THL/ENA ratio, so it holds regardless of market direction.