Ethena (ENA) is 84.6× the size of Usual (USUAL) by market capitalisation. Over the past 1 year, ENA is ahead by 14.8 percentage points (USUAL -62.3% against ENA -47.5%). Their daily returns move closely together (correlation 0.60 across 399 shared trading days). Both have run at a similar volatility, around 107% annualised.
USUALENA
0.60over 399 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 | USUAL | ENA |
|---|---|---|
| Max drawdown (400d) | -86.3% | -88.7% |
| Risk-adjusted return (90d) | 0.25 | 0.65 |
| Best 30 days (past year) | +56.3% | +107.9% |
| Worst 30 days (past year) | -53.3% | -55.6% |
Relative strength over 90 days: ENA outperformed USUAL by 35.0% — measured on the USUAL/ENA ratio, so it holds regardless of market direction.