Hyperliquid (HYPE) is 225.1× the size of dYdX (DYDX) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 72 shared trading days). DYDX has been the more volatile of the two, at 106% annualised against HYPE's 82%.
DYDXHYPE
0.59over 72 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 | DYDX | HYPE |
|---|---|---|
| Max drawdown (400d) | -87.5% | -18.9% |
| Risk-adjusted return (90d) | -0.11 | 0.58 |
| Best 30 days (past year) | +91.0% | — |
| Worst 30 days (past year) | -51.9% | — |
Relative strength over 90 days: HYPE outperformed DYDX by 30.4% — measured on the DYDX/HYPE ratio, so it holds regardless of market direction.