Hyperliquid (HYPE) is 5505163.1× the size of ZKWASM (ZKWASM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.13 across 30 shared trading days). ZKWASM has been the more volatile of the two, at 113% annualised against HYPE's 81%.
ZKWASMHYPE
-0.13over 30 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 | ZKWASM | HYPE |
|---|---|---|
| Max drawdown (400d) | -21.8% | -18.9% |
| Risk-adjusted return (90d) | -0.12 | 0.56 |
Relative strength over 90 days: HYPE outperformed ZKWASM by 9.2% — measured on the ZKWASM/HYPE ratio, so it holds regardless of market direction.