H2O vs Hyperliquid

Hyperliquid (HYPE) is 1746.4× the size of H2O (H2O) by market capitalisation. Over the past 30 days, H2O is ahead by 8.7 percentage points (H2O +2.6% against HYPE -6.0%). Their daily returns move closely together (correlation 0.85 across 23 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against H2O's 40%.

Correlation: 0.85
Size ratio: 1 : 1746.4
Ahead over 30 days: H2O

H2OH2O

$4.9200

24h: -0.19%
Market cap: $11.63M
Volume 24h: $251,615
Volatility (ann.): 40%

HyperliquidHYPE

$84.4100

24h: +0.57%
Market cap: $20.31B
Volume 24h: $1.36B
Volatility (ann.): 82%

H2O 0.1%Share of the two combined market caps99.9% HYPE

Performance

H2OHYPE

7 days-3.95%+4.65%HYPE
30 days+2.64%-6.04%H2O

Correlation

0.85over 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	H2O	HYPE
Max drawdown (400d)	-8.1%	-18.9%
Risk-adjusted return (90d)	0.07	0.58

Relative strength over 90 days: HYPE outperformed H2O by 2.8% — measured on the H2O/HYPE ratio, so it holds regardless of market direction.

H2O →Hyperliquid →