Axie Infinity (AXS) is 6539.0× the size of Clash of Perps (COP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 103 shared trading days). COP has been the more volatile of the two, at 718% annualised against AXS's 121%.
COPAXS
-0.07over 103 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 | COP | AXS |
|---|---|---|
| Max drawdown (400d) | -97.3% | -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: COP outperformed AXS by 46.9% — measured on the COP/AXS ratio, so it holds regardless of market direction.