Frax (prev. FXS) vs Hyperliquid

Hyperliquid (HYPE) is 907.7× the size of Frax (prev. FXS) (FRAX) by market capitalisation. Over the past 30 days, HYPE is ahead by 10.4 percentage points (FRAX -16.5% against HYPE -6.0%). Their daily returns move loosely together (correlation 0.40 across 36 shared trading days). FRAX has been the more volatile of the two, at 109% annualised against HYPE's 82%.

Correlation: 0.40
Size ratio: 1 : 907.7
Ahead over 30 days: HYPE

Frax (prev. FXS)FRAX

$0.239771

24h: -0.37%
Market cap: $22.44M
Volume 24h: $327,167
Volatility (ann.): 109%

HyperliquidHYPE

$84.7300

24h: -1.69%
Market cap: $20.36B
Volume 24h: $1.41B
Volatility (ann.): 82%

FRAX 0.1%Share of the two combined market caps99.9% HYPE

Performance

FRAXHYPE

7 days-6.41%+4.65%HYPE
30 days-16.46%-6.04%HYPE

Correlation

0.40over 36 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3990d: 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	FRAX	HYPE
Max drawdown (400d)	-23.4%	-18.9%
Risk-adjusted return (90d)	-0.20	0.58

Relative strength over 90 days: HYPE outperformed FRAX by 21.8% — measured on the FRAX/HYPE ratio, so it holds regardless of market direction.

Frax (prev. FXS) →Hyperliquid →