Hyperliquid (HYPE) is 296.4× the size of CoW Protocol (COW) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 72 shared trading days). Both have run at a similar volatility, around 84% annualised.
COWHYPE
0.26over 72 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 | COW | HYPE |
|---|---|---|
| Max drawdown (400d) | -66.0% | -18.9% |
| Risk-adjusted return (90d) | 0.10 | 0.58 |
| Best 30 days (past year) | +64.8% | — |
| Worst 30 days (past year) | -41.9% | — |
Relative strength over 90 days: HYPE outperformed COW by 32.0% — measured on the COW/HYPE ratio, so it holds regardless of market direction.