Hyperliquid (HYPE) is 1376.0× the size of Hegic (HEGIC) by market capitalisation. Their daily returns move closely together (correlation 0.68 across 23 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against HEGIC's 60%.
HEGICHYPE
0.68over 23 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 | HEGIC | HYPE |
|---|---|---|
| Max drawdown (400d) | -15.0% | -18.9% |
| Risk-adjusted return (90d) | -0.09 | 0.56 |
Relative strength over 90 days: HYPE outperformed HEGIC by 10.7% — measured on the HEGIC/HYPE ratio, so it holds regardless of market direction.