Hyperliquid (HYPE) is 8852168.3× the size of BULLGEN (BULLGEN) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 32 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against BULLGEN's 56%.
BULLGENHYPE
0.08over 32 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 | BULLGEN | HYPE |
|---|---|---|
| Max drawdown (400d) | -39.6% | -18.9% |
| Risk-adjusted return (90d) | -0.67 | 0.56 |
Relative strength over 90 days: HYPE outperformed BULLGEN by 34.5% — measured on the BULLGEN/HYPE ratio, so it holds regardless of market direction.