Hyperliquid (HYPE) is 144062.4× the size of Dafi Protocol (DAFI) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.29 across 20 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against DAFI's 52%.
DAFIHYPE
-0.29over 20 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 | DAFI | HYPE |
|---|---|---|
| Max drawdown (400d) | -16.6% | -18.9% |
| Risk-adjusted return (90d) | — | 0.56 |
Relative strength over 90 days: HYPE outperformed DAFI by 7.6% — measured on the DAFI/HYPE ratio, so it holds regardless of market direction.