Hyperliquid (HYPE) is 592984.4× the size of Gravity Finance [OLD] (GFI) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 35 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against GFI's 19%.
GFIHYPE
0.04over 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 | GFI | HYPE |
|---|---|---|
| Max drawdown (400d) | -7.1% | -18.9% |
| Risk-adjusted return (90d) | -0.18 | 0.56 |
Relative strength over 90 days: GFI outperformed HYPE by 1.0% — measured on the GFI/HYPE ratio, so it holds regardless of market direction.