seth
Paramount
They are all made from cognition. Demons are a result of people giving identify to natural phenomenals and the world around it. Personas are the inner manifestation of people minds. So demons are external and personal internal.I mean they're definitely part of the same "multiverse" (or however far SMT gets into). So they're technically connected on that front.
Not sure if it's just vsb nonsense, but aren't Personas/Shadows/Mirages/Demons all just beings made from Cognition/Observation/Understanding at their core? I know they're different in execution, but their fundamental existences are still quite similar.
And I'm pretty sure the Great Reason/Axiom is itself stated to be the origin of humans, giving them the power of Observation to shape reality according to their will, which is awfully similar to Philemon/the Collective Unconsciousness...
The Great Reason/Axiom/Collective Unconsciousness is both simultaneously the creator of humans and created/shaped by humans.
"All is one" and all that.
But I'm not exactly an expert on either SMT or Persona, so I'm not sure how much of this is correct.