Dogecoin (DOGE) is 1751296.7× the size of CZ on Hyperliquid (CZ) by market capitalisation. Their daily returns move closely in opposite directions (correlation -0.67 across 26 shared trading days). CZ has been the more volatile of the two, at 12923% annualised against DOGE's 70%.
CZDOGE
-0.67over 26 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 | CZ | DOGE |
|---|---|---|
| Max drawdown (400d) | -31.8% | -74.0% |
| Risk-adjusted return (90d) | 0.21 | 0.17 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: CZ outperformed DOGE by 3027.0% — measured on the CZ/DOGE ratio, so it holds regardless of market direction.