Axelar (AXL) is 1.6× the size of Across Protocol (ACX) by market capitalisation. Over the past 1 year, ACX is ahead by 11.3 percentage points (ACX -62.4% against AXL -73.7%). Their daily returns move barely together (correlation 0.29 across 360 shared trading days). Both have run at a similar volatility, around 109% annualised.
ACXAXL
0.29over 360 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 | ACX | AXL |
|---|---|---|
| Max drawdown (400d) | -73.4% | -89.0% |
| Risk-adjusted return (90d) | 0.12 | 0.18 |
| Best 30 days (past year) | — | +84.5% |
| Worst 30 days (past year) | — | -49.8% |
Relative strength over 90 days: ACX outperformed AXL by 5.6% — measured on the ACX/AXL ratio, so it holds regardless of market direction.