Hyperliquid (HYPE) is 377846.7× the size of CrowdSwap (CROWD) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 28 shared trading days). Both have run at a similar volatility, around 78% annualised.
CROWDHYPE
0.24over 28 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 | CROWD | HYPE |
|---|---|---|
| Max drawdown (400d) | -19.8% | -18.9% |
| Risk-adjusted return (90d) | -0.26 | 0.56 |
Relative strength over 90 days: HYPE outperformed CROWD by 16.0% — measured on the CROWD/HYPE ratio, so it holds regardless of market direction.