Frax Price Index Share vs Hyperliquid

Hyperliquid (HYPE) is 7772.8× the size of Frax Price Index Share (FPIS) by market capitalisation. Over the past 30 days, HYPE is ahead by 0.8 percentage points (FPIS -6.8% against HYPE -6.0%). Their daily returns move barely together (correlation 0.13 across 34 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against FPIS's 16%.

Correlation: 0.13
Size ratio: 1 : 7772.8
Ahead over 30 days: HYPE

Frax Price Index ShareFPIS

$0.090096

24h: +0.57%
Market cap: $2.61M
Volume 24h: $18
Volatility (ann.): 16%

HyperliquidHYPE

$84.6400

24h: -1.82%
Market cap: $20.26B
Volume 24h: $1.41B
Volatility (ann.): 82%

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

Performance

FPISHYPE

7 days-1.84%+4.65%HYPE
30 days-6.81%-6.04%HYPE

Correlation

0.13over 34 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1790d: 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	FPIS	HYPE
Max drawdown (400d)	-8.0%	-18.9%
Risk-adjusted return (90d)	-0.40	0.58

Relative strength over 90 days: FPIS outperformed HYPE by 1.7% — measured on the FPIS/HYPE ratio, so it holds regardless of market direction.

Frax Price Index Share →Hyperliquid →