Hyperliquid (HYPE) is 227033.9× the size of Gradient (GRAY) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 35 shared trading days). Both have run at a similar volatility, around 79% annualised.
GRAYHYPE
0.11over 35 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 | GRAY | HYPE |
|---|---|---|
| Max drawdown (400d) | -42.3% | -18.9% |
| Risk-adjusted return (90d) | -0.52 | 0.56 |
Relative strength over 90 days: HYPE outperformed GRAY by 37.6% — measured on the GRAY/HYPE ratio, so it holds regardless of market direction.