Hyperliquid (HYPE) is 39148.4× the size of Belt (BELT) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 38 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against BELT's 49%.
BELTHYPE
0.40over 38 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 | BELT | HYPE |
|---|---|---|
| Max drawdown (400d) | -35.9% | -18.9% |
| Risk-adjusted return (90d) | -0.24 | 0.58 |
Relative strength over 90 days: HYPE outperformed BELT by 44.0% — measured on the BELT/HYPE ratio, so it holds regardless of market direction.