Axie Infinity (AXS) is 26.7× the size of Games for a Living (GFAL) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 41 shared trading days). GFAL has been the more volatile of the two, at 181% annualised against AXS's 121%.
GFALAXS
0.46over 41 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 | GFAL | AXS |
|---|---|---|
| Max drawdown (400d) | -43.0% | -72.0% |
| Risk-adjusted return (90d) | 0.07 | -0.04 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: GFAL outperformed AXS by 19.0% — measured on the GFAL/AXS ratio, so it holds regardless of market direction.