Dynachain (DYNA) is 1.3× the size of Hippo Protocol (HP) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 183 shared trading days). DYNA has been the more volatile of the two, at 166% annualised against HP's 62%.
DYNAHP
0.13over 183 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 | DYNA | HP |
|---|---|---|
| Max drawdown (400d) | -64.3% | -85.0% |
| Risk-adjusted return (90d) | 0.37 | 0.25 |
Relative strength over 90 days: DYNA outperformed HP by 215.1% — measured on the DYNA/HP ratio, so it holds regardless of market direction.