Axie Infinity (AXS) is 7759.1× the size of NBM Lumite (NBMLUM) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 170 shared trading days). Both have run at a similar volatility, around 120% annualised.
NBMLUMAXS
0.34over 170 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 | NBMLUM | AXS |
|---|---|---|
| Max drawdown (400d) | -84.5% | -72.0% |
| Risk-adjusted return (90d) | 0.12 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: NBMLUM outperformed AXS by 20.3% — measured on the NBMLUM/AXS ratio, so it holds regardless of market direction.