Hyperliquid (HYPE) is 111261.5× the size of e-Radix (EXRD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.28 across 34 shared trading days). EXRD has been the more volatile of the two, at 245% annualised against HYPE's 81%.
EXRDHYPE
-0.28over 34 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 | EXRD | HYPE |
|---|---|---|
| Max drawdown (400d) | -75.4% | -18.9% |
| Risk-adjusted return (90d) | -0.24 | 0.56 |
Relative strength over 90 days: HYPE outperformed EXRD by 57.2% — measured on the EXRD/HYPE ratio, so it holds regardless of market direction.