Hyperliquid (HYPE) is 1749807.9× the size of Hexagon (HEXA) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 22 shared trading days). HEXA has been the more volatile of the two, at 223% annualised against HYPE's 81%.
HEXAHYPE
0.26over 22 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 | HEXA | HYPE |
|---|---|---|
| Max drawdown (400d) | -63.7% | -18.9% |
| Risk-adjusted return (90d) | -0.23 | 0.56 |
Relative strength over 90 days: HYPE outperformed HEXA by 48.8% — measured on the HEXA/HYPE ratio, so it holds regardless of market direction.