ETH Strategy vs Hyperliquid

Hyperliquid (HYPE) is 16956.6× the size of ETH Strategy (STRAT) by market capitalisation. Over the past 30 days, STRAT is ahead by 7.8 percentage points (STRAT +1.7% against HYPE -6.0%). Their daily returns move barely in opposite directions (correlation -0.06 across 25 shared trading days). STRAT has been the more volatile of the two, at 111% annualised against HYPE's 82%.

Correlation: -0.06
Size ratio: 1 : 16956.6
Ahead over 30 days: STRAT

ETH StrategySTRAT

$0.158795

24h: -0.25%
Market cap: $1.19M
Volume 24h: $2
Volatility (ann.): 111%

HyperliquidHYPE

$84.5400

24h: -1.17%
Market cap: $20.18B
Volume 24h: $1.42B
Volatility (ann.): 82%

STRAT 0.0%Share of the two combined market caps100.0% HYPE

Performance

STRATHYPE

7 days-9.01%+4.65%HYPE
30 days+1.73%-6.04%STRAT

Correlation

-0.06over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0690d: 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	STRAT	HYPE
Max drawdown (400d)	-12.5%	-18.9%
Risk-adjusted return (90d)	0.02	0.58

Relative strength over 90 days: STRAT outperformed HYPE by 4.8% — measured on the STRAT/HYPE ratio, so it holds regardless of market direction.

ETH Strategy →Hyperliquid →