Immutable (IMX) is 1390.2× the size of X World Games (XWG) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 35 shared trading days). Both have run at a similar volatility, around 88% annualised.
XWGIMX
0.03over 35 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 | XWG | IMX |
|---|---|---|
| Max drawdown (400d) | -20.0% | -87.2% |
| Risk-adjusted return (90d) | -0.06 | 0.13 |
| Best 30 days (past year) | — | +67.7% |
| Worst 30 days (past year) | — | -50.4% |
Relative strength over 90 days: XWG outperformed IMX by 31.6% — measured on the XWG/IMX ratio, so it holds regardless of market direction.