Hyperliquid (HYPE) is 21237.0× the size of GammaSwap (GS) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 32 shared trading days). Both have run at a similar volatility, around 80% annualised.
GSHYPE
0.23over 32 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 | GS | HYPE |
|---|---|---|
| Max drawdown (400d) | -37.1% | -18.9% |
| Risk-adjusted return (90d) | -0.42 | 0.56 |
Relative strength over 90 days: HYPE outperformed GS by 33.1% — measured on the GS/HYPE ratio, so it holds regardless of market direction.