Pyth Network (PYTH) is 3860.3× the size of HAPI (HAPI) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 43 shared trading days). HAPI has been the more volatile of the two, at 2172% annualised against PYTH's 95%.
HAPIPYTH
0.23over 43 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 | HAPI | PYTH |
|---|---|---|
| Max drawdown (400d) | -89.1% | -76.5% |
| Risk-adjusted return (90d) | -0.02 | 0.42 |
| Best 30 days (past year) | — | +76.8% |
| Worst 30 days (past year) | — | -46.7% |
Relative strength over 90 days: PYTH outperformed HAPI by 15.6% — measured on the HAPI/PYTH ratio, so it holds regardless of market direction.