Hyperliquid (HYPE) is 186472.2× the size of Colend (CLND) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 37 shared trading days). CLND has been the more volatile of the two, at 267% annualised against HYPE's 81%.
CLNDHYPE
0.39over 37 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 | CLND | HYPE |
|---|---|---|
| Max drawdown (400d) | -96.3% | -18.9% |
| Risk-adjusted return (90d) | -0.42 | 0.56 |
Relative strength over 90 days: HYPE outperformed CLND by 15.0% — measured on the CLND/HYPE ratio, so it holds regardless of market direction.