Hyperliquid (HYPE) is 3050.1× the size of Grove (GROVE) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 46 shared trading days). GROVE has been the more volatile of the two, at 247% annualised against HYPE's 82%.
GROVEHYPE
0.17over 46 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 | GROVE | HYPE |
|---|---|---|
| Max drawdown (400d) | -82.9% | -18.9% |
| Risk-adjusted return (90d) | -0.28 | 0.58 |
Relative strength over 90 days: HYPE outperformed GROVE by 37.6% — measured on the GROVE/HYPE ratio, so it holds regardless of market direction.