Contango vs Hyperliquid

Hyperliquid (HYPE) is 10144.7× the size of Contango (TANGO) by market capitalisation. Over the past 30 days, TANGO is ahead by 168.8 percentage points (TANGO +162.8% against HYPE -6.0%). Their daily returns move barely in opposite directions (correlation -0.15 across 24 shared trading days). TANGO has been the more volatile of the two, at 476% annualised against HYPE's 82%.

Correlation: -0.15
Size ratio: 1 : 10144.7
Ahead over 30 days: TANGO

ContangoTANGO

$0.004443

24h: +5.52%
Market cap: $2.03M
Volume 24h: $1,008
Volatility (ann.): 476%

HyperliquidHYPE

$86.3200

24h: -1.76%
Market cap: $20.57B
Volume 24h: $1.32B
Volatility (ann.): 82%

TANGO 0.0%Share of the two combined market caps100.0% HYPE

Performance

TANGOHYPE

7 days+67.14%+4.65%TANGO
30 days+162.80%-6.04%TANGO

Correlation

-0.15over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	TANGO	HYPE
Max drawdown (400d)	-33.1%	-18.9%
Risk-adjusted return (90d)	0.34	0.58

Relative strength over 90 days: TANGO outperformed HYPE by 158.3% — measured on the TANGO/HYPE ratio, so it holds regardless of market direction.

Contango →Hyperliquid →