Hyperliquid (HYPE) is 3857574.5× the size of Flap Futures (FFX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.13 across 25 shared trading days). HYPE has been the more volatile of the two, at 83% annualised against FFX's 45%.
FFXHYPE
-0.13over 25 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 | FFX | HYPE |
|---|---|---|
| Max drawdown (400d) | -19.9% | -18.9% |
| Risk-adjusted return (90d) | -0.40 | 0.40 |
Relative strength over 90 days: HYPE outperformed FFX by 16.9% — measured on the FFX/HYPE ratio, so it holds regardless of market direction.