Hippo Protocol (HP) is 1.2× the size of HAVA (HAVA) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 31 shared trading days). HP has been the more volatile of the two, at 62% annualised against HAVA's 5%.
HAVAHP
0.23over 31 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 | HAVA | HP |
|---|---|---|
| Max drawdown (400d) | -1.8% | -85.0% |
| Risk-adjusted return (90d) | -0.26 | 0.25 |
Relative strength over 90 days: HP outperformed HAVA by 40.5% — measured on the HAVA/HP ratio, so it holds regardless of market direction.