Axie Infinity (AXS) is 6810.0× the size of MARS4 (MARS4) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.52 across 21 shared trading days). MARS4 has been the more volatile of the two, at 289% annualised against AXS's 121%.
MARS4AXS
-0.52over 21 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 | MARS4 | AXS |
|---|---|---|
| Max drawdown (400d) | -54.2% | -72.0% |
| Risk-adjusted return (90d) | -0.08 | -0.09 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: MARS4 outperformed AXS by 8.1% — measured on the MARS4/AXS ratio, so it holds regardless of market direction.