Ethereum (ETH) is 27614.5× the size of Hippo Protocol (HP) by market capitalisation. Over the past 1 year, ETH is ahead by 33.6 percentage points (HP -70.5% against ETH -36.9%). Their daily returns move loosely together (correlation 0.48 across 364 shared trading days). Both have run at a similar volatility, around 62% annualised.
HPETH
0.48over 364 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 | HP | ETH |
|---|---|---|
| Max drawdown (400d) | -85.0% | -66.5% |
| Risk-adjusted return (90d) | 0.25 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed HP by 28.4% — measured on the HP/ETH ratio, so it holds regardless of market direction.