RON vs AXS Price Correlation: Do They Move Together?
RON vs AXS Price Correlation: Do They Move Together?
RON is the Ronin network utility token, while AXS is the Axie Infinity governance and ecosystem token. They are related through the Ronin and Axie products, but they serve different roles and can react differently to the same news.
Results from aligned daily USD data
| Window | Return-observation range | Price-close range | Price-level Pearson r | Daily log-return Pearson r |
|---|---|---|---|---|
| 30 days | 2026-07-07 to 2026-08-05; 30 returns | 2026-07-06 to 2026-08-05; 31 closes | 0.9033 | 0.6268 |
| 90 days | 2026-05-08 to 2026-08-05; 90 returns | 2026-05-07 to 2026-08-05; 91 closes | 0.9044 | 0.5739 |
| 180 days | 2026-02-07 to 2026-08-05; 180 returns | 2026-02-06 to 2026-08-05; 181 closes | 0.8558 | 0.3691 |
Method
The calculation uses CoinGecko daily USD observations retrieved on 2026-08-05 and inner-joined on the same UTC dates. For each window, daily log returns are calculated as ln(Pt / Pt-1) and Pearson correlation is calculated across the paired return series. Price-level correlation uses the full close range; its return range begins with the second close. The normalized input SHA-256 is f3a774ee2bf89cba7541e8929ad06bf4809f466a39bd4ecb6b37b97bb83d0da3.
How to read the comparison
Price-level correlations are high in all three samples, but levels can move together because both series share a broad trend. Daily log-return correlation is the more useful measure of day-to-day co-movement: it is moderate over 30 and 90 days and weaker over 180 days. This is historical description, not a prediction.
Why RON and AXS can move together
Both tokens can respond to attention on Axie Infinity, Ronin activity, game releases, liquidity conditions and wider crypto-market moves. That shared context can create periods of positive co-movement.
Why they can diverge
RON can react to network-specific demand, fees, staking or infrastructure changes. AXS can react to Axie-specific governance, game-economy and token-supply developments. These different drivers help explain why return correlation is lower than price-level correlation over the longer sample.
Limitations
Correlation describes the selected historical sample only. It does not establish causation, account for every market venue, or determine future performance. The legacy Ronin Katana DEX is distinct from the current Katana Network entity.
Sources and reproducibility
- CoinGecko market-chart range reference; RON and AXS daily USD data, retrieved 2026-08-05.
- Official RON information.
- Official AXS whitepaper.
