Hyperliquid (HYPE) is 93967026.5× the size of aarna atv111 (Arbitrum) (ATV111) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.37 across 31 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against ATV111's 0%.
ATV111HYPE
-0.37over 31 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 | ATV111 | HYPE |
|---|---|---|
| Max drawdown (400d) | 0.0% | -18.9% |
| Risk-adjusted return (90d) | 2.96 | 0.56 |
Relative strength over 90 days: ATV111 outperformed HYPE by 13.2% — measured on the ATV111/HYPE ratio, so it holds regardless of market direction.