Hyperliquid (HYPE) is 502868.2× the size of Areal Finance (ARL) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.36 across 28 shared trading days). ARL has been the more volatile of the two, at 500% annualised against HYPE's 81%.
ARLHYPE
-0.36over 28 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 | ARL | HYPE |
|---|---|---|
| Max drawdown (400d) | -89.5% | -18.9% |
| Risk-adjusted return (90d) | -0.09 | 0.56 |
Relative strength over 90 days: ARL outperformed HYPE by 2.4% — measured on the ARL/HYPE ratio, so it holds regardless of market direction.