Hyperliquid (HYPE) is 134550.2× the size of ARMOR (ARMOR) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 35 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against ARMOR's 49%.
ARMORHYPE
0.08over 35 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 | ARMOR | HYPE |
|---|---|---|
| Max drawdown (400d) | -16.3% | -18.9% |
| Risk-adjusted return (90d) | -0.18 | 0.56 |
Relative strength over 90 days: HYPE outperformed ARMOR by 4.7% — measured on the ARMOR/HYPE ratio, so it holds regardless of market direction.