Axie Infinity (AXS) is 688.2× the size of GAM3S.GG (G3) by market capitalisation. Over the past 1 year, AXS is ahead by 67.0 percentage points (G3 -93.0% against AXS -26.0%). Their daily returns move barely together (correlation 0.13 across 373 shared trading days). G3 has been the more volatile of the two, at 139% annualised against AXS's 121%.
G3AXS
0.13over 373 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 | G3 | AXS |
|---|---|---|
| Max drawdown (400d) | -95.3% | -72.0% |
| Risk-adjusted return (90d) | 0.28 | -0.02 |
| Best 30 days (past year) | +107.4% | +248.7% |
| Worst 30 days (past year) | -79.4% | -55.5% |
Relative strength over 90 days: G3 outperformed AXS by 26.7% — measured on the G3/AXS ratio, so it holds regardless of market direction.