Ethena (ENA) is 183.7× the size of Tribe (TRIBE) by market capitalisation. Their daily returns move closely together (correlation 0.64 across 34 shared trading days). ENA has been the more volatile of the two, at 113% annualised against TRIBE's 37%.
TRIBEENA
0.64over 34 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 | TRIBE | ENA |
|---|---|---|
| Max drawdown (400d) | -12.1% | -88.7% |
| Risk-adjusted return (90d) | -0.22 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: TRIBE outperformed ENA by 27.7% — measured on the TRIBE/ENA ratio, so it holds regardless of market direction.