Hyperliquid (HYPE) is 23421.9× the size of BANX Network (BXE) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 46 shared trading days). BXE has been the more volatile of the two, at 208% annualised against HYPE's 82%.
BXEHYPE
0.33over 46 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 | BXE | HYPE |
|---|---|---|
| Max drawdown (400d) | -98.0% | -18.9% |
| Risk-adjusted return (90d) | -0.18 | 0.58 |
Relative strength over 90 days: HYPE outperformed BXE by 58.6% — measured on the BXE/HYPE ratio, so it holds regardless of market direction.