Hyperliquid (HYPE) is 134072.9× the size of dexie bucks (DBX) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 25 shared trading days). Both have run at a similar volatility, around 83% annualised.
DBXHYPE
0.48over 25 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 | DBX | HYPE |
|---|---|---|
| Max drawdown (400d) | -26.8% | -18.9% |
| Risk-adjusted return (90d) | -0.31 | 0.56 |
Relative strength over 90 days: HYPE outperformed DBX by 19.4% — measured on the DBX/HYPE ratio, so it holds regardless of market direction.