Hyperliquid (HYPE) is 1577231.3× the size of ARROWS (ARROWS) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 33 shared trading days). ARROWS has been the more volatile of the two, at 273% annualised against HYPE's 81%.
ARROWSHYPE
0.31over 33 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 | ARROWS | HYPE |
|---|---|---|
| Max drawdown (400d) | -87.3% | -18.9% |
| Risk-adjusted return (90d) | -0.31 | 0.56 |
Relative strength over 90 days: HYPE outperformed ARROWS by 83.3% — measured on the ARROWS/HYPE ratio, so it holds regardless of market direction.