Surf Lending vs Hyperliquid

Hyperliquid (HYPE) is 16064.6× the size of Surf Lending (SURF) by market capitalisation. Over the past 30 days, SURF is ahead by 6.3 percentage points (SURF +0.3% against HYPE -6.0%). Their daily returns move barely together (correlation 0.20 across 23 shared trading days). SURF has been the more volatile of the two, at 144% annualised against HYPE's 82%.

Correlation: 0.20
Size ratio: 1 : 16064.6
Ahead over 30 days: SURF

Surf LendingSURF

$0.064307

24h: -1.04%
Market cap: $1.29M
Volume 24h: $1,491
Volatility (ann.): 144%

HyperliquidHYPE

$86.0600

24h: +0.01%
Market cap: $20.66B
Volume 24h: $1.38B
Volatility (ann.): 82%

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

Performance

SURFHYPE

7 days-2.36%+4.65%HYPE
30 days+0.26%-6.04%SURF

Correlation

0.20over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	SURF	HYPE
Max drawdown (400d)	-24.3%	-18.9%
Risk-adjusted return (90d)	0.00	0.58

Relative strength over 90 days: HYPE outperformed SURF by 7.8% — measured on the SURF/HYPE ratio, so it holds regardless of market direction.

Surf Lending →Hyperliquid →