Axie Infinity (AXS) is 6.5× the size of Smooth Love Potion (SLP) by market capitalisation. Over the past 1 year, AXS is ahead by 18.4 percentage points (SLP -51.0% against AXS -32.5%). Their daily returns move closely together (correlation 0.71 across 399 shared trading days). AXS has been the more volatile of the two, at 121% annualised against SLP's 85%.
SLPAXS
0.71over 399 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 | SLP | AXS |
|---|---|---|
| Max drawdown (400d) | -72.8% | -72.0% |
| Risk-adjusted return (90d) | -0.10 | -0.04 |
| Best 30 days (past year) | +42.9% | +248.7% |
| Worst 30 days (past year) | -42.9% | -55.5% |
Relative strength over 90 days: AXS outperformed SLP by 4.5% — measured on the SLP/AXS ratio, so it holds regardless of market direction.