Hyperliquid (HYPE) is 243638.6× the size of Donut (DONUT) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 31 shared trading days). DONUT has been the more volatile of the two, at 121% annualised against HYPE's 81%.
DONUTHYPE
0.36over 31 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 | DONUT | HYPE |
|---|---|---|
| Max drawdown (400d) | -44.6% | -18.9% |
| Risk-adjusted return (90d) | -0.32 | 0.56 |
Relative strength over 90 days: HYPE outperformed DONUT by 39.1% — measured on the DONUT/HYPE ratio, so it holds regardless of market direction.