Axie Infinity (AXS) is 20885.7× the size of Sparklife (SPS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.12 across 35 shared trading days). SPS has been the more volatile of the two, at 297% annualised against AXS's 121%.
SPSAXS
-0.12over 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 | SPS | AXS |
|---|---|---|
| Max drawdown (400d) | -59.6% | -72.0% |
| Risk-adjusted return (90d) | -0.13 | -0.02 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed SPS by 21.1% — measured on the SPS/AXS ratio, so it holds regardless of market direction.