Hyperliquid (HYPE) is 5758281.2× the size of EQUITY (EQUITY) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 24 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against EQUITY's 37%.
EQUITYHYPE
-0.15over 24 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 | EQUITY | HYPE |
|---|---|---|
| Max drawdown (400d) | -18.2% | -18.9% |
| Risk-adjusted return (90d) | -0.46 | 0.50 |
Relative strength over 90 days: HYPE outperformed EQUITY by 7.0% — measured on the EQUITY/HYPE ratio, so it holds regardless of market direction.