Hyperliquid (HYPE) is 1984.5× the size of Gains Network (GNS) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 53 shared trading days). GNS has been the more volatile of the two, at 117% annualised against HYPE's 82%.
GNSHYPE
0.17over 53 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 | GNS | HYPE |
|---|---|---|
| Max drawdown (400d) | -81.3% | -18.9% |
| Risk-adjusted return (90d) | -0.09 | 0.58 |
| Best 30 days (past year) | +66.9% | — |
| Worst 30 days (past year) | -34.1% | — |
Relative strength over 90 days: HYPE outperformed GNS by 29.9% — measured on the GNS/HYPE ratio, so it holds regardless of market direction.