Axie Infinity (AXS) is 3805.9× the size of Pirate Nation Token (PIRATE) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 35 shared trading days). PIRATE has been the more volatile of the two, at 516% annualised against AXS's 121%.
PIRATEAXS
0.05over 35 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 | PIRATE | AXS |
|---|---|---|
| Max drawdown (400d) | -93.8% | -72.0% |
| Risk-adjusted return (90d) | -0.18 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed PIRATE by 91.7% — measured on the PIRATE/AXS ratio, so it holds regardless of market direction.