Axie Infinity (AXS) is 20.2× the size of Nakamoto Games (NAKA) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 110 shared trading days). NAKA has been the more volatile of the two, at 184% annualised against AXS's 121%.
NAKAAXS
0.10over 110 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 | NAKA | AXS |
|---|---|---|
| Max drawdown (400d) | -39.0% | -72.0% |
| Risk-adjusted return (90d) | 1.14 | -0.04 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: NAKA outperformed AXS by 225.3% — measured on the NAKA/AXS ratio, so it holds regardless of market direction.