Hyperliquid (HYPE) is 1083682.2× the size of Coinzix Token (ZIX) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 47 shared trading days). ZIX has been the more volatile of the two, at 146% annualised against HYPE's 81%.
ZIXHYPE
0.26over 47 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 | ZIX | HYPE |
|---|---|---|
| Max drawdown (400d) | -96.0% | -18.9% |
| Risk-adjusted return (90d) | -0.64 | 0.56 |
| Best 30 days (past year) | +310.6% | — |
| Worst 30 days (past year) | -90.4% | — |
Relative strength over 90 days: HYPE outperformed ZIX by 95.5% — measured on the ZIX/HYPE ratio, so it holds regardless of market direction.