Hyperliquid (HYPE) is 95707.6× the size of CheckDot (CDT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 33 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against CDT's 49%.
CDTHYPE
-0.07over 33 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 | CDT | HYPE |
|---|---|---|
| Max drawdown (400d) | -25.4% | -18.9% |
| Risk-adjusted return (90d) | -0.44 | 0.56 |
Relative strength over 90 days: HYPE outperformed CDT by 17.9% — measured on the CDT/HYPE ratio, so it holds regardless of market direction.