Axie Infinity (AXS) is 24.9× the size of Upland (SPARKLET) by market capitalisation. Over the past 1 year, AXS is ahead by 2.5 percentage points (SPARKLET -35.0% against AXS -32.5%). Their daily returns move barely together (correlation 0.09 across 373 shared trading days). AXS has been the more volatile of the two, at 121% annualised against SPARKLET's 33%.
SPARKLETAXS
0.09over 373 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 | SPARKLET | AXS |
|---|---|---|
| Max drawdown (400d) | -39.3% | -72.0% |
| Risk-adjusted return (90d) | 0.00 | -0.04 |
| Best 30 days (past year) | +14.5% | +248.7% |
| Worst 30 days (past year) | -26.5% | -55.5% |
Relative strength over 90 days: SPARKLET outperformed AXS by 18.5% — measured on the SPARKLET/AXS ratio, so it holds regardless of market direction.