Hyperliquid (HYPE) is 3331971.6× the size of Flex Perpetuals (FDX) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 32 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against FDX's 59%.
FDXHYPE
0.30over 32 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 | FDX | HYPE |
|---|---|---|
| Max drawdown (400d) | -31.3% | -18.9% |
| Risk-adjusted return (90d) | -0.41 | 0.56 |
Relative strength over 90 days: HYPE outperformed FDX by 19.8% — measured on the FDX/HYPE ratio, so it holds regardless of market direction.