Figure Heloc (FIGR_HELOC) is 1.1× the size of Hyperliquid (HYPE) by market capitalisation. Over the past 30 days, HYPE is ahead by 34.8 percentage points (FIGR_HELOC +2.2% against HYPE +37.0%). Their daily returns move barely in opposite directions (correlation -0.14 across 29 shared trading days). HYPE has been the more volatile of the two, at 88% annualised against FIGR_HELOC's 54%.
| Period | FIGR_HELOC | HYPE | Ahead |
|---|---|---|---|
| 7 days | -1.63% | -6.11% | FIGR_HELOC |
| 30 days | +2.19% | +36.97% | HYPE |
| Metric | FIGR_HELOC | HYPE |
|---|---|---|
| Max drawdown (400d) | -5.2% | -10.6% |
| Risk-adjusted return (90d) | 0.04 | 0.42 |
Relative strength over 90 days: HYPE outperformed FIGR_HELOC by 23.8% — measured on the FIGR_HELOC/HYPE ratio, so it holds regardless of market direction.
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.