Kite (KITE) is 83.0× the size of House Party Protocol (HPP) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 153 shared trading days). HPP has been the more volatile of the two, at 173% annualised against KITE's 121%.
HPPKITE
0.14over 153 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 | HPP | KITE |
|---|---|---|
| Max drawdown (400d) | -91.7% | -69.5% |
| Risk-adjusted return (90d) | -0.34 | 0.19 |
| Best 30 days (past year) | — | +151.2% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: KITE outperformed HPP by 76.2% — measured on the HPP/KITE ratio, so it holds regardless of market direction.