Hyperliquid (HYPE) is 7.3× the size of Cronos (CRO) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 60 shared trading days). Both have run at a similar volatility, around 85% annualised.
CROHYPE
0.59over 60 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 | CRO | HYPE |
|---|---|---|
| Max drawdown (400d) | -30.5% | -18.9% |
| Risk-adjusted return (90d) | 0.02 | 0.40 |
Relative strength over 90 days: HYPE outperformed CRO by 23.1% — measured on the CRO/HYPE ratio, so it holds regardless of market direction.