Axie Infinity (AXS) is 64.9× the size of Star Atlas DAO (POLIS) by market capitalisation. Their daily returns move loosely together (correlation 0.54 across 40 shared trading days). POLIS has been the more volatile of the two, at 164% annualised against AXS's 121%.
POLISAXS
0.54over 40 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 | POLIS | AXS |
|---|---|---|
| Max drawdown (400d) | -46.2% | -72.0% |
| Risk-adjusted return (90d) | -0.10 | -0.04 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed POLIS by 14.3% — measured on the POLIS/AXS ratio, so it holds regardless of market direction.