Axie Infinity (AXS) is 934.0× the size of Athledium (AEM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 31 shared trading days). AXS has been the more volatile of the two, at 121% annualised against AEM's 8%.
AEMAXS
-0.01over 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 | AEM | AXS |
|---|---|---|
| Max drawdown (400d) | -1.4% | -72.0% |
| Risk-adjusted return (90d) | 0.01 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed AEM by 20.8% — measured on the AEM/AXS ratio, so it holds regardless of market direction.