Index Coop - ETH 2x Flexible Leverage Index vs Hyperliquid

Hyperliquid (HYPE) is 11614.1× the size of Index Coop - ETH 2x Flexible Leverage Index (ETH2X-FLI) by market capitalisation. Over the past 30 days, HYPE is ahead by 11.1 percentage points (ETH2X-FLI -17.1% against HYPE -6.0%). Their daily returns move closely together (correlation 0.69 across 32 shared trading days). ETH2X-FLI has been the more volatile of the two, at 111% annualised against HYPE's 82%.

Correlation: 0.69
Size ratio: 1 : 11614.1
Ahead over 30 days: HYPE

Index Coop - ETH 2x Flexible Leverage IndexETH2X-FLI

$3.0700

24h: +0.02%
Market cap: $1.74M
Volume 24h: $1,820
Volatility (ann.): 111%

HyperliquidHYPE

$84.4600

24h: -1.20%
Market cap: $20.18B
Volume 24h: $1.36B
Volatility (ann.): 82%

ETH2X-FLI 0.0%Share of the two combined market caps100.0% HYPE

Performance

ETH2X-FLIHYPE

7 days-4.83%+4.65%HYPE
30 days-17.11%-6.04%HYPE

Correlation

0.69over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6990d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ETH2X-FLI	HYPE
Max drawdown (400d)	-34.0%	-18.9%
Risk-adjusted return (90d)	-0.17	0.58

Relative strength over 90 days: HYPE outperformed ETH2X-FLI by 20.9% — measured on the ETH2X-FLI/HYPE ratio, so it holds regardless of market direction.

Index Coop - ETH 2x Flexible Leverage Index →Hyperliquid →