Axie Infinity (AXS) is 68921.3× the size of Evolve (EVOLVE) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 29 shared trading days). EVOLVE has been the more volatile of the two, at 3794% annualised against AXS's 121%.
EVOLVEAXS
0.31over 29 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 | EVOLVE | AXS |
|---|---|---|
| Max drawdown (400d) | -93.6% | -72.0% |
| Risk-adjusted return (90d) | -0.02 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed EVOLVE by 86.3% — measured on the EVOLVE/AXS ratio, so it holds regardless of market direction.