Hyperliquid (HYPE) is 22811.4× the size of Crocodile Finance (CROC) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 24 shared trading days). CROC has been the more volatile of the two, at 238% annualised against HYPE's 81%.
CROCHYPE
0.22over 24 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 | CROC | HYPE |
|---|---|---|
| Max drawdown (400d) | -38.0% | -18.9% |
| Risk-adjusted return (90d) | -0.09 | 0.56 |
Relative strength over 90 days: HYPE outperformed CROC by 18.5% — measured on the CROC/HYPE ratio, so it holds regardless of market direction.