Axie Infinity (AXS) is 1.2× the size of The Sandbox (SAND) by market capitalisation. Over the past 1 year, AXS is ahead by 47.9 percentage points (AXS -26.0% against SAND -73.9%). Their daily returns move closely together (correlation 0.66 across 399 shared trading days). AXS has been the more volatile of the two, at 121% annualised against SAND's 103%.
AXSSAND
0.66over 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 | AXS | SAND |
|---|---|---|
| Max drawdown (400d) | -72.0% | -88.4% |
| Risk-adjusted return (90d) | -0.02 | 0.07 |
| Best 30 days (past year) | +248.7% | +94.1% |
| Worst 30 days (past year) | -55.5% | -48.8% |
Relative strength over 90 days: SAND outperformed AXS by 10.9% — measured on the AXS/SAND ratio, so it holds regardless of market direction.