Axie Infinity (AXS) is 828.3× the size of The Cocktailbar (COC) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 101 shared trading days). COC has been the more volatile of the two, at 144% annualised against AXS's 121%.
COCAXS
0.34over 101 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 | COC | AXS |
|---|---|---|
| Max drawdown (400d) | -90.8% | -72.0% |
| Risk-adjusted return (90d) | -0.60 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed COC by 78.9% — measured on the COC/AXS ratio, so it holds regardless of market direction.