Axie Infinity (AXS) is 8609.9× the size of Spellfire (SPELLFIRE) by market capitalisation. Over the past 1 year, AXS is ahead by 54.6 percentage points (SPELLFIRE -80.6% against AXS -26.0%). Their daily returns move barely together (correlation 0.14 across 370 shared trading days). Both have run at a similar volatility, around 121% annualised.
SPELLFIREAXS
0.14over 370 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 | SPELLFIRE | AXS |
|---|---|---|
| Max drawdown (400d) | -80.9% | -72.0% |
| Risk-adjusted return (90d) | -0.38 | -0.02 |
| Best 30 days (past year) | +61.6% | +248.7% |
| Worst 30 days (past year) | -54.3% | -55.5% |
Relative strength over 90 days: AXS outperformed SPELLFIRE by 43.1% — measured on the SPELLFIRE/AXS ratio, so it holds regardless of market direction.