Hyperliquid (HYPE) is 424414.2× the size of Circuits of Value (COVAL) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 36 shared trading days). COVAL has been the more volatile of the two, at 131% annualised against HYPE's 83%.
COVALHYPE
0.25over 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 | COVAL | HYPE |
|---|---|---|
| Max drawdown (400d) | -26.3% | -18.9% |
| Risk-adjusted return (90d) | -0.06 | 0.40 |
Relative strength over 90 days: COVAL outperformed HYPE by 4.8% — measured on the COVAL/HYPE ratio, so it holds regardless of market direction.