Ethena (ENA) is 1566.1× the size of ZRDAO Token (ZRT) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 31 shared trading days). ZRT has been the more volatile of the two, at 172% annualised against ENA's 113%.
ZRTENA
0.43over 31 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 | ZRT | ENA |
|---|---|---|
| Max drawdown (400d) | -66.3% | -88.7% |
| Risk-adjusted return (90d) | -0.38 | 0.65 |
| Best 30 days (past year) | — | +107.9% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: ENA outperformed ZRT by 70.2% — measured on the ZRT/ENA ratio, so it holds regardless of market direction.