Axie Infinity (AXS) is 9381.2× the size of Dungeon Labs (DLABS) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 77 shared trading days). DLABS has been the more volatile of the two, at 226% annualised against AXS's 121%.
DLABSAXS
0.34over 77 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 | DLABS | AXS |
|---|---|---|
| Max drawdown (400d) | -65.9% | -72.0% |
| Risk-adjusted return (90d) | -0.09 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed DLABS by 12.9% — measured on the DLABS/AXS ratio, so it holds regardless of market direction.