Hyperliquid (HYPE) is 346554.4× the size of Autonio (NIOX) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 21 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against NIOX's 42%.
NIOXHYPE
0.44over 21 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 | NIOX | HYPE |
|---|---|---|
| Max drawdown (400d) | -18.7% | -18.9% |
| Risk-adjusted return (90d) | -0.42 | 0.56 |
Relative strength over 90 days: HYPE outperformed NIOX by 13.8% — measured on the NIOX/HYPE ratio, so it holds regardless of market direction.