Axie Infinity (AXS) is 3147.4× the size of Hyperfy (HYPER) by market capitalisation. Their daily returns move barely together (correlation 0.00 across 33 shared trading days). AXS has been the more volatile of the two, at 121% annualised against HYPER's 83%.
HYPERAXS
0.00over 33 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 | HYPER | AXS |
|---|---|---|
| Max drawdown (400d) | -45.2% | -72.0% |
| Risk-adjusted return (90d) | -0.53 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed HYPER by 26.3% — measured on the HYPER/AXS ratio, so it holds regardless of market direction.