Hyperliquid (HYPE) is 5269.0× the size of ALEX Lab (ALEX) by market capitalisation. Their daily returns move loosely together (correlation 0.47 across 36 shared trading days). ALEX has been the more volatile of the two, at 138% annualised against HYPE's 81%.
ALEXHYPE
0.47over 36 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 | ALEX | HYPE |
|---|---|---|
| Max drawdown (400d) | -90.1% | -18.9% |
| Risk-adjusted return (90d) | 1.31 | 0.56 |
Relative strength over 90 days: ALEX outperformed HYPE by 77.5% — measured on the ALEX/HYPE ratio, so it holds regardless of market direction.