Axie Infinity (AXS) is 1.1× the size of Decentraland (MANA) by market capitalisation. Over the past 1 year, AXS is ahead by 36.5 percentage points (MANA -62.5% against AXS -26.0%). Their daily returns move closely together (correlation 0.67 across 399 shared trading days). AXS has been the more volatile of the two, at 121% annualised against MANA's 77%.
MANAAXS
0.67over 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 | MANA | AXS |
|---|---|---|
| Max drawdown (400d) | -82.0% | -72.0% |
| Risk-adjusted return (90d) | 0.19 | -0.02 |
| Best 30 days (past year) | +43.6% | +248.7% |
| Worst 30 days (past year) | -42.8% | -55.5% |
Relative strength over 90 days: MANA outperformed AXS by 15.0% — measured on the MANA/AXS ratio, so it holds regardless of market direction.