Galaxy USDC Quality (Ethereum) vs Hyperliquid

Hyperliquid (HYPE) is 1983.7× the size of Galaxy USDC Quality (Ethereum) (ETH:GUSDCQ) by market capitalisation. Over the past 30 days, ETH:GUSDCQ is ahead by 6.4 percentage points (ETH:GUSDCQ +0.4% against HYPE -6.0%). Their daily returns move barely together (correlation 0.01 across 23 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against ETH:GUSDCQ's 2%.

Correlation: 0.01
Size ratio: 1 : 1983.7
Ahead over 30 days: ETH:GUSDCQ

Galaxy USDC Quality (Ethereum)ETH:GUSDCQ

$1.0220

24h: +0.04%
Market cap: $10.11M
Volume 24h: —
Volatility (ann.): 2%

HyperliquidHYPE

$83.6100

24h: -2.03%
Market cap: $20.05B
Volume 24h: $1.44B
Volatility (ann.): 82%

ETH:GUSDCQ 0.1%Share of the two combined market caps99.9% HYPE

Performance

ETH:GUSDCQHYPE

7 days+0.10%+4.65%HYPE
30 days+0.39%-6.04%ETH:GUSDCQ

Correlation

0.01over 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	ETH:GUSDCQ	HYPE
Max drawdown (400d)	-0.3%	-18.9%
Risk-adjusted return (90d)	0.19	0.58

Relative strength over 90 days: HYPE outperformed ETH:GUSDCQ by 4.9% — measured on the ETH:GUSDCQ/HYPE ratio, so it holds regardless of market direction.

Galaxy USDC Quality (Ethereum) →Hyperliquid →