Axie Infinity (AXS) is 83.7× the size of Not Pixel (PX) by market capitalisation. Over the past 1 year, AXS is ahead by 39.3 percentage points (PX -71.8% against AXS -32.5%). Their daily returns move barely together (correlation 0.35 across 373 shared trading days). AXS has been the more volatile of the two, at 121% annualised against PX's 101%.
PXAXS
0.35over 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 | PX | AXS |
|---|---|---|
| Max drawdown (400d) | -76.2% | -72.0% |
| Risk-adjusted return (90d) | -0.33 | -0.04 |
| Best 30 days (past year) | +108.2% | +248.7% |
| Worst 30 days (past year) | -45.0% | -55.5% |
Relative strength over 90 days: AXS outperformed PX by 17.8% — measured on the PX/AXS ratio, so it holds regardless of market direction.