Hippo Protocol (HP) is 16.5× the size of CTOC (CTOC) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 29 shared trading days). HP has been the more volatile of the two, at 62% annualised against CTOC's 11%.
CTOCHP
0.33over 29 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 | CTOC | HP |
|---|---|---|
| Max drawdown (400d) | -2.5% | -85.0% |
| Risk-adjusted return (90d) | 0.02 | 0.25 |
Relative strength over 90 days: HP outperformed CTOC by 37.1% — measured on the CTOC/HP ratio, so it holds regardless of market direction.