Axie Infinity (AXS) is 579.0× the size of Passage (PASG) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 31 shared trading days). PASG has been the more volatile of the two, at 201% annualised against AXS's 121%.
PASGAXS
0.49over 31 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 | PASG | AXS |
|---|---|---|
| Max drawdown (400d) | -36.5% | -72.0% |
| Risk-adjusted return (90d) | -0.15 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed PASG by 44.6% — measured on the PASG/AXS ratio, so it holds regardless of market direction.