RON vs AXS Price Correlation: Do They Move Together?
RON and AXS are two different tokens from the same ecosystem: RON is the gas token of the Ronin chain, and AXS is the governance token of Axie Infinity. Using CoinGecko daily prices, their daily returns had a Pearson correlation of 0.72 over the last 90 days and 0.53 over the last 365 days. That is a clear positive link, but far from a perfect one. This guide explains what each token does, how they are related, and exactly how we measured the correlation.
Updated October 2026.
Key takeaways
- RON pays transaction fees on Ronin. AXS is the governance token for the Axie Infinity game.
- Both were created inside the Sky Mavis and Axie ecosystem, which is why people compare them.
- Correlation of daily returns, 90 days to October 20, 2026: 0.72. Over 365 days: 0.53.
- Correlation changes over time. A number measured in one window does not carry over to the next.
- This page describes past data only. It is not a prediction and not financial advice.
What is RON?
RON is the native token of Ronin, the blockchain that grew out of Axie Infinity. You use RON to pay gas, which is the fee for each transaction on the network. Ronin’s official token page describes RON as the network’s utility token and lists a total supply of 1 billion RON.
Ronin changed its design in May 2026. In its announcement “Ronin is Home”, the team said the chain moved from a standalone Layer-1 to an Ethereum Layer-2 built on the OP Stack, with RON kept as the gas token. For the full background, see our guide to Ronin Network. To get some, read how to buy RON token, and for the live quote see RON price today.
What is AXS?
AXS, short for Axie Infinity Shards, is the governance token of the Axie Infinity universe. The Axie Infinity whitepaper describes it as an ERC-20 token whose holders can stake, take part in governance votes and earn rewards linked to the game. The same document says total supply will never exceed 270,000,000 AXS.
AXS is not used for gas on Ronin. That job belongs to RON. AXS is tied to the game’s economy, its Community Treasury and its governance, which is a different kind of demand from paying network fees.
RON vs AXS: side-by-side comparison
| RON | AXS | |
|---|---|---|
| Full name | Ronin | Axie Infinity Shards |
| Main role | Gas token of the Ronin chain | Governance token of Axie Infinity |
| Issuer or home | Ronin, created by Sky Mavis | Axie Infinity, created by Sky Mavis |
| Supply facts | 1 billion total supply, per Ronin’s token page | 270,000,000 maximum supply, per the whitepaper |
| Where it is used | Paying fees on Ronin, Ronin Treasury, apps built on Ronin | Staking, governance votes, Axie Infinity ecosystem |
| CoinGecko ID | ronin | axie-infinity |
How are RON and AXS related?
Sky Mavis built Axie Infinity first, and then built Ronin as a chain made for the game. The Axie whitepaper describes Ronin as an Ethereum-linked network created specifically for Axie Infinity. That shared origin is the main link.
The two tokens also meet on the exchange. Both can be traded on Katana DEX, the exchange on Ronin, where RON pays the gas. Both tokens react to attention on Axie, on Ronin and on the crypto market as a whole.
They are still separate assets. RON demand depends on activity and fees across Ronin. AXS demand depends more on Axie Infinity itself, such as game releases, staking and governance. Different drivers are one reason their prices do not always match.
Do RON and AXS move together? The data
We calculated the answer ourselves from CoinGecko’s free API, rather than quoting a third-party figure.
| Window | Date range (UTC) | Daily returns used | Pearson correlation |
|---|---|---|---|
| 90 days | July 23 to October 20, 2026 | 90 | 0.72 |
| 365 days | October 23, 2025 to October 20, 2026 | 363 | 0.53 |
The 365-day window has 363 returns, not 365, because the API’s daily series for the free request starts on October 22, 2025 and we dropped the incomplete current day. We only used returns between consecutive calendar days.
How we measured it
- We pulled one year of daily USD prices for RON (CoinGecko ID “ronin”) and AXS (ID “axie-infinity”) from the CoinGecko market chart endpoint on October 21, 2026.
- We matched the two series by UTC date and dropped the incomplete current day.
- For each day we took the log return, which is the natural log of today’s price divided by yesterday’s price. This measures the day’s percentage move.
- We calculated the Pearson correlation between the RON and AXS return series. A value of 1 means the daily moves line up perfectly, 0 means no linear link, and negative values mean opposite moves.
We used returns instead of raw prices on purpose. Two prices that both drift in one direction over months can look highly correlated even if their daily moves are unrelated. Returns remove that trend and show how the tokens behave day to day.
How to read the numbers
A correlation of 0.72 means the two tokens usually moved in the same direction on the same day lately, with a noticeable share of days where they did not. Squaring it gives a rough measure of overlap: about 52% of the day-to-day variation in one return series lines up with the other. For the full year, 0.53 squares to about 28%.
The gap between the two windows shows the main point: correlation is not fixed. The tokens moved together more closely in the recent quarter than across the whole year. A different start date, a different data source or a different return period (hourly or weekly instead of daily) would give different numbers. It also describes the past only. It does not show that one token drives the other, and it does not predict what either will do next.
The raw daily data and the Python script behind these figures are saved with this article’s working files so the result can be repeated.
Common mistakes when comparing RON and AXS
- Comparing raw prices. RON trades at a few cents and AXS at around a dollar, so the price levels say little. Compare percentage returns.
- Treating one number as permanent. A 90-day result and a 365-day result can differ a lot, as above.
- Reading correlation as cause. Both tokens can react to the same news without one driving the other.
- Mixing up the roles. RON pays gas on Ronin. AXS is the Axie Infinity governance token.
Frequently asked questions
What is the price correlation between RON and AXS?
Over the 90 days from July 23 to October 20, 2026, the Pearson correlation of daily returns between RON and AXS was 0.72. Over the 365-day window from October 23, 2025 to October 20, 2026 it was 0.53. Both figures use CoinGecko daily USD prices.
Are RON and AXS the same token?
No. RON is the gas token of the Ronin chain. AXS is the governance token of Axie Infinity, with a maximum supply of 270,000,000. They are separate tokens with separate supply rules.
Why do RON and AXS often move together?
Both tokens come from the Sky Mavis and Axie ecosystem, and both trade in the same crypto market. News about Ronin, Axie Infinity or the wider market can reach both prices at once. That shared context can produce periods of positive correlation.
Does a high correlation mean RON will follow AXS?
No. Correlation describes how the two daily return series moved together in a past window. It does not show that one token causes the other to move, and it says nothing about future prices.
Can I swap RON for AXS?
Yes. Both tokens are listed on Katana DEX, the exchange on Ronin, and on other venues. You need a Ronin Wallet and a small amount of RON for gas to use Katana.
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