Enjin Coin (ENJ) is 174.7× the size of Three Kingdoms (3KDS) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 246 shared trading days). 3KDS has been the more volatile of the two, at 224% annualised against ENJ's 115%.
3KDSENJ
0.08over 246 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 | 3KDS | ENJ |
|---|---|---|
| Max drawdown (400d) | -86.9% | -73.9% |
| Risk-adjusted return (90d) | -0.15 | -0.06 |
| Best 30 days (past year) | — | +365.5% |
| Worst 30 days (past year) | — | -51.0% |
Relative strength over 90 days: ENJ outperformed 3KDS by 25.5% — measured on the 3KDS/ENJ ratio, so it holds regardless of market direction.