Hyperliquid (HYPE) is 232773.2× the size of ErectusDAO (YUGE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.12 across 33 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against YUGE's 43%.
YUGEHYPE
-0.12over 33 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 | YUGE | HYPE |
|---|---|---|
| Max drawdown (400d) | -22.4% | -18.9% |
| Risk-adjusted return (90d) | -0.37 | 0.56 |
Relative strength over 90 days: HYPE outperformed YUGE by 12.0% — measured on the YUGE/HYPE ratio, so it holds regardless of market direction.