Axie Infinity (AXS) is 780.0× the size of Arena-Z (A2Z) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 212 shared trading days). A2Z has been the more volatile of the two, at 238% annualised against AXS's 121%.
A2ZAXS
0.15over 212 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 | A2Z | AXS |
|---|---|---|
| Max drawdown (400d) | -99.7% | -72.0% |
| Risk-adjusted return (90d) | -0.29 | -0.04 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed A2Z by 96.2% — measured on the A2Z/AXS ratio, so it holds regardless of market direction.