Hyperliquid (HYPE) is 29292.9× the size of Arcadia (AAA) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 31 shared trading days). AAA has been the more volatile of the two, at 330% annualised against HYPE's 81%.
AAAHYPE
0.02over 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 | AAA | HYPE |
|---|---|---|
| Max drawdown (400d) | -49.9% | -18.9% |
| Risk-adjusted return (90d) | 0.28 | 0.56 |
Relative strength over 90 days: AAA outperformed HYPE by 91.0% — measured on the AAA/HYPE ratio, so it holds regardless of market direction.