Hyperliquid (HYPE) is 7554606.0× the size of Catex (CATX) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 28 shared trading days). CATX has been the more volatile of the two, at 97% annualised against HYPE's 81%.
CATXHYPE
0.40over 28 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 | CATX | HYPE |
|---|---|---|
| Max drawdown (400d) | -58.0% | -18.9% |
| Risk-adjusted return (90d) | -0.59 | 0.56 |
Relative strength over 90 days: HYPE outperformed CATX by 55.5% — measured on the CATX/HYPE ratio, so it holds regardless of market direction.