Axie Infinity (AXS) is 4609.2× the size of Official Crypto Nostra (OCN) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 188 shared trading days). OCN has been the more volatile of the two, at 144% annualised against AXS's 121%.
OCNAXS
0.03over 188 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 | OCN | AXS |
|---|---|---|
| Max drawdown (400d) | -98.8% | -72.0% |
| Risk-adjusted return (90d) | 0.01 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: OCN outperformed AXS by 39.2% — measured on the OCN/AXS ratio, so it holds regardless of market direction.