Axie Infinity (AXS) is 350.1× the size of Rainbow Token (RBW) by market capitalisation. Their daily returns move loosely together (correlation 0.42 across 24 shared trading days). AXS has been the more volatile of the two, at 121% annualised against RBW's 50%.
RBWAXS
0.42over 24 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 | RBW | AXS |
|---|---|---|
| Max drawdown (400d) | -17.8% | -72.0% |
| Risk-adjusted return (90d) | -0.27 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: RBW outperformed AXS by 34.3% — measured on the RBW/AXS ratio, so it holds regardless of market direction.