Hyperliquid (HYPE) is 125150.8× the size of Equalizer on Sonic (EQUAL) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 30 shared trading days). EQUAL has been the more volatile of the two, at 193% annualised against HYPE's 81%.
EQUALHYPE
0.22over 30 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 | EQUAL | HYPE |
|---|---|---|
| Max drawdown (400d) | -50.1% | -18.9% |
| Risk-adjusted return (90d) | -0.09 | 0.56 |
Relative strength over 90 days: HYPE outperformed EQUAL by 12.6% — measured on the EQUAL/HYPE ratio, so it holds regardless of market direction.