Axie Infinity (AXS) is 3.1× the size of Enjin Coin (ENJ) by market capitalisation. Over the past 1 year, AXS is ahead by 8.8 percentage points (ENJ -34.8% against AXS -26.0%). Their daily returns move loosely together (correlation 0.41 across 399 shared trading days). Both have run at a similar volatility, around 118% annualised.
ENJAXS
0.41over 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 | ENJ | AXS |
|---|---|---|
| Max drawdown (400d) | -73.9% | -72.0% |
| Risk-adjusted return (90d) | -0.04 | -0.02 |
| Best 30 days (past year) | +365.5% | +248.7% |
| Worst 30 days (past year) | -51.0% | -55.5% |
Relative strength over 90 days: AXS outperformed ENJ by 1.0% — measured on the ENJ/AXS ratio, so it holds regardless of market direction.