Hyperliquid (HYPE) is 10658.1× the size of Dialectic USD Vault (DUSD) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.52 across 23 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against DUSD's 12%.
DUSDHYPE
-0.52over 23 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 | DUSD | HYPE |
|---|---|---|
| Max drawdown (400d) | -2.6% | -18.9% |
| Risk-adjusted return (90d) | 0.42 | 0.58 |
Relative strength over 90 days: HYPE outperformed DUSD by 12.1% — measured on the DUSD/HYPE ratio, so it holds regardless of market direction.