THORChain (RUNE) is 4.1× the size of Axelar (AXL) by market capitalisation. Over the past 1 year, RUNE is ahead by 55.9 percentage points (AXL -72.0% against RUNE -16.1%). Their daily returns move loosely together (correlation 0.47 across 399 shared trading days). AXL has been the more volatile of the two, at 111% annualised against RUNE's 75%.
AXLRUNE
0.47over 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 | AXL | RUNE |
|---|---|---|
| Max drawdown (400d) | -89.0% | -73.7% |
| Risk-adjusted return (90d) | 0.21 | 0.54 |
| Best 30 days (past year) | +84.5% | +66.7% |
| Worst 30 days (past year) | -49.8% | -42.7% |
Relative strength over 90 days: RUNE outperformed AXL by 19.8% — measured on the AXL/RUNE ratio, so it holds regardless of market direction.