Axie Infinity (AXS) is 2002.4× the size of Unagi Token (UNA) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 100 shared trading days). UNA has been the more volatile of the two, at 539% annualised against AXS's 121%.
UNAAXS
0.05over 100 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 | UNA | AXS |
|---|---|---|
| Max drawdown (400d) | -62.3% | -72.0% |
| Risk-adjusted return (90d) | 0.55 | -0.04 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: UNA outperformed AXS by 148.0% — measured on the UNA/AXS ratio, so it holds regardless of market direction.