Medieval Empires (MEE) and Axie Infinity (AXS) compared side by side. Over the past 1 year, AXS is ahead by 62.7 percentage points (MEE -95.2% against AXS -32.5%). Their daily returns move barely together (correlation 0.04 across 373 shared trading days). MEE has been the more volatile of the two, at 152% annualised against AXS's 121%.
MEEAXS
0.04over 373 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 | MEE | AXS |
|---|---|---|
| Max drawdown (400d) | -96.8% | -72.0% |
| Risk-adjusted return (90d) | 0.19 | -0.04 |
| Best 30 days (past year) | +143.5% | +248.7% |
| Worst 30 days (past year) | -73.2% | -55.5% |
Relative strength over 90 days: MEE outperformed AXS by 61.0% — measured on the MEE/AXS ratio, so it holds regardless of market direction.