Ethena (ENA) is 104.6× the size of Unitas (UP) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 55 shared trading days). UP has been the more volatile of the two, at 180% annualised against ENA's 113%.
UPENA
0.30over 55 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 | UP | ENA |
|---|---|---|
| Max drawdown (400d) | -78.6% | -88.7% |
| Risk-adjusted return (90d) | -0.39 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed UP by 84.0% — measured on the UP/ENA ratio, so it holds regardless of market direction.