Hyperliquid (HYPE) is 15020.5× the size of Crypto Asset Governance Alliance (CAGA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.21 across 46 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against CAGA's 30%.
$2.099e-5
CAGAHYPE
-0.21over 46 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 | CAGA | HYPE |
|---|---|---|
| Max drawdown (400d) | -27.0% | -18.9% |
| Risk-adjusted return (90d) | -0.54 | 0.58 |
| Best 30 days (past year) | +9.4% | — |
| Worst 30 days (past year) | -19.6% | — |
Relative strength over 90 days: HYPE outperformed CAGA by 31.2% — measured on the CAGA/HYPE ratio, so it holds regardless of market direction.