Hyperliquid (HYPE) is 7839170.2× the size of Eggplant Finance (EGGP) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 35 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against EGGP's 29%.
EGGPHYPE
0.15over 35 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 | EGGP | HYPE |
|---|---|---|
| Max drawdown (400d) | -8.7% | -18.9% |
| Risk-adjusted return (90d) | -0.16 | 0.56 |
Relative strength over 90 days: HYPE outperformed EGGP by 0.2% — measured on the EGGP/HYPE ratio, so it holds regardless of market direction.