Hyperliquid (HYPE) is 19395.2× the size of Axiome (AXM) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 36 shared trading days). AXM has been the more volatile of the two, at 154% annualised against HYPE's 82%.
AXMHYPE
0.24over 36 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 | AXM | HYPE |
|---|---|---|
| Max drawdown (400d) | -95.0% | -18.9% |
| Risk-adjusted return (90d) | -0.09 | 0.58 |
Relative strength over 90 days: HYPE outperformed AXM by 66.1% — measured on the AXM/HYPE ratio, so it holds regardless of market direction.