Axie Infinity (AXS) is 1036.6× the size of Heroes of NFT (HON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.14 across 31 shared trading days). AXS has been the more volatile of the two, at 121% annualised against HON's 74%.
HONAXS
-0.14over 31 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 | HON | AXS |
|---|---|---|
| Max drawdown (400d) | -31.5% | -72.0% |
| Risk-adjusted return (90d) | -0.34 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed HON by 1.9% — measured on the HON/AXS ratio, so it holds regardless of market direction.