Axie Infinity (AXS) is 188.8× the size of UFO Gaming (UFO) by market capitalisation. Their daily returns move barely together (correlation 0.35 across 39 shared trading days). UFO has been the more volatile of the two, at 383% annualised against AXS's 121%.
UFOAXS
0.35over 39 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 | UFO | AXS |
|---|---|---|
| Max drawdown (400d) | -50.0% | -72.0% |
| Risk-adjusted return (90d) | 0.01 | -0.04 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: UFO outperformed AXS by 11.0% — measured on the UFO/AXS ratio, so it holds regardless of market direction.