Hyperliquid (HYPE) is 63462.8× the size of Deri Protocol (DERI) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 32 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against DERI's 48%.
DERIHYPE
0.14over 32 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 | DERI | HYPE |
|---|---|---|
| Max drawdown (400d) | -14.2% | -18.9% |
| Risk-adjusted return (90d) | -0.09 | 0.56 |
Relative strength over 90 days: DERI outperformed HYPE by 0.1% — measured on the DERI/HYPE ratio, so it holds regardless of market direction.