Flying Tulip vs Hyperliquid

Hyperliquid (HYPE) is 362.1× the size of Flying Tulip (FT) by market capitalisation. Over the past 30 days, FT is ahead by 16.3 percentage points (FT +10.2% against HYPE -6.0%). Their daily returns move barely together (correlation 0.28 across 50 shared trading days). FT has been the more volatile of the two, at 116% annualised against HYPE's 82%.

Correlation: 0.28
Size ratio: 1 : 362.1
Ahead over 30 days: FT

Flying TulipFT

$0.115174

24h: +3.14%
Market cap: $56.02M
Volume 24h: $74,422
Volatility (ann.): 116%

HyperliquidHYPE

$84.7500

24h: -1.81%
Market cap: $20.28B
Volume 24h: $1.40B
Volatility (ann.): 82%

FT 0.3%Share of the two combined market caps99.7% HYPE

Performance

FTHYPE

7 days-10.62%+4.65%HYPE
30 days+10.23%-6.04%FT

Correlation

0.28over 50 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3290d: 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	FT	HYPE
Max drawdown (400d)	-26.2%	-18.9%
Risk-adjusted return (90d)	0.11	0.58

Relative strength over 90 days: HYPE outperformed FT by 3.6% — measured on the FT/HYPE ratio, so it holds regardless of market direction.

Flying Tulip →Hyperliquid →