Hyperliquid (HYPE) is 18447.4× the size of DOLA Borrowing Right (DBR) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 46 shared trading days). DBR has been the more volatile of the two, at 146% annualised against HYPE's 82%.
DBRHYPE
-0.03over 46 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 | DBR | HYPE |
|---|---|---|
| Max drawdown (400d) | -67.6% | -18.9% |
| Risk-adjusted return (90d) | 0.69 | 0.58 |
| Best 30 days (past year) | +219.5% | — |
| Worst 30 days (past year) | -46.5% | — |
Relative strength over 90 days: DBR outperformed HYPE by 110.5% — measured on the DBR/HYPE ratio, so it holds regardless of market direction.