Ethena (ENA) is 3158.8× the size of TPTU (TPTU) by market capitalisation. Over the past 1 year, ENA is ahead by 48.1 percentage points (TPTU -95.7% against ENA -47.5%). Their daily returns move barely together (correlation 0.03 across 363 shared trading days). TPTU has been the more volatile of the two, at 303% annualised against ENA's 113%.
TPTUENA
0.03over 363 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 | TPTU | ENA |
|---|---|---|
| Max drawdown (400d) | -95.8% | -88.7% |
| Risk-adjusted return (90d) | -0.35 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed TPTU by 75.8% — measured on the TPTU/ENA ratio, so it holds regardless of market direction.