Canary (CNR) and Hyperliquid (HYPE) compared side by side. Their daily returns move barely together (correlation 0.19 across 36 shared trading days). Both have run at a similar volatility, around 89% annualised.
CNRHYPE
0.19over 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 | CNR | HYPE |
|---|---|---|
| Max drawdown (400d) | -40.8% | -18.9% |
| Risk-adjusted return (90d) | -0.40 | 0.40 |
Relative strength over 90 days: HYPE outperformed CNR by 28.9% — measured on the CNR/HYPE ratio, so it holds regardless of market direction.