Axie Infinity (AXS) is 208.8× the size of Eggle Energy (ENG) by market capitalisation. Their daily returns move closely together (correlation 0.83 across 32 shared trading days). Both have run at a similar volatility, around 117% annualised.
ENGAXS
0.83over 32 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 | ENG | AXS |
|---|---|---|
| Max drawdown (400d) | -53.2% | -72.0% |
| Risk-adjusted return (90d) | -0.47 | -0.04 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed ENG by 51.1% — measured on the ENG/AXS ratio, so it holds regardless of market direction.