Axie Infinity (AXS) is 178.4× the size of HELLO (HELLO) by market capitalisation. Over the past 1 year, AXS is ahead by 55.7 percentage points (HELLO -88.2% against AXS -32.5%). Their daily returns move barely in opposite directions (correlation -0.07 across 368 shared trading days). HELLO has been the more volatile of the two, at 44263% annualised against AXS's 121%.
HELLOAXS
-0.07over 368 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 | HELLO | AXS |
|---|---|---|
| Max drawdown (400d) | -100.0% | -72.0% |
| Risk-adjusted return (90d) | 0.00 | -0.04 |
| Best 30 days (past year) | +106.6% | +248.7% |
| Worst 30 days (past year) | -99.8% | -55.5% |
Relative strength over 90 days: AXS outperformed HELLO by 24.0% — measured on the HELLO/AXS ratio, so it holds regardless of market direction.