Hyperliquid (HYPE) is 3978.5× the size of Bluefin (BLUE) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 45 shared trading days). Both have run at a similar volatility, around 81% annualised.
BLUEHYPE
0.48over 45 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 | BLUE | HYPE |
|---|---|---|
| Max drawdown (400d) | -38.2% | -18.9% |
| Risk-adjusted return (90d) | -0.20 | 0.58 |
Relative strength over 90 days: HYPE outperformed BLUE by 23.7% — measured on the BLUE/HYPE ratio, so it holds regardless of market direction.