Hyperliquid (HYPE) is 168416.5× the size of APYSwap (APYS) by market capitalisation. Their daily returns move closely together (correlation 0.85 across 27 shared trading days). Both have run at a similar volatility, around 82% annualised.
APYSHYPE
0.85over 27 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 | APYS | HYPE |
|---|---|---|
| Max drawdown (400d) | -20.4% | -18.9% |
| Risk-adjusted return (90d) | 0.34 | 0.56 |
Relative strength over 90 days: APYS outperformed HYPE by 32.0% — measured on the APYS/HYPE ratio, so it holds regardless of market direction.