Axelar (AXL) is 1.8× the size of Celer Network (CELR) by market capitalisation. Over the past 1 year, CELR is ahead by 22.5 percentage points (CELR -51.3% against AXL -73.7%). Their daily returns move loosely together (correlation 0.51 across 399 shared trading days). AXL has been the more volatile of the two, at 111% annualised against CELR's 90%.
CELRAXL
0.51over 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 | CELR | AXL |
|---|---|---|
| Max drawdown (400d) | -81.7% | -89.0% |
| Risk-adjusted return (90d) | 0.37 | 0.18 |
| Best 30 days (past year) | +59.5% | +84.5% |
| Worst 30 days (past year) | -48.1% | -49.8% |
Relative strength over 90 days: CELR outperformed AXL by 25.1% — measured on the CELR/AXL ratio, so it holds regardless of market direction.