Axie Infinity (AXS) is 8.9× the size of Fusionist (ACE) by market capitalisation. Over the past 1 year, AXS is ahead by 12.7 percentage points (ACE -45.2% against AXS -32.5%). Their daily returns move barely together (correlation 0.26 across 399 shared trading days). ACE has been the more volatile of the two, at 187% annualised against AXS's 121%.
ACEAXS
0.26over 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 | ACE | AXS |
|---|---|---|
| Max drawdown (400d) | -87.1% | -72.0% |
| Risk-adjusted return (90d) | 0.28 | -0.04 |
| Best 30 days (past year) | +260.6% | +248.7% |
| Worst 30 days (past year) | -43.3% | -55.5% |
Relative strength over 90 days: ACE outperformed AXS by 93.8% — measured on the ACE/AXS ratio, so it holds regardless of market direction.