Axie Infinity (AXS) is 2851.9× the size of Versus-X (VSX) by market capitalisation. Over the past 1 year, AXS is ahead by 59.8 percentage points (VSX -92.3% against AXS -32.5%). Their daily returns move barely together (correlation 0.04 across 362 shared trading days). VSX has been the more volatile of the two, at 190% annualised against AXS's 121%.
VSXAXS
0.04over 362 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 | VSX | AXS |
|---|---|---|
| Max drawdown (400d) | -93.7% | -72.0% |
| Risk-adjusted return (90d) | -0.44 | -0.09 |
| Best 30 days (past year) | — | +248.7% |
| Worst 30 days (past year) | — | -55.5% |
Relative strength over 90 days: AXS outperformed VSX by 90.7% — measured on the VSX/AXS ratio, so it holds regardless of market direction.