Solana (SOL) is 5342.4× the size of Hippo Protocol (HP) by market capitalisation. Over the past 1 year, SOL is ahead by 26.4 percentage points (HP -70.5% against SOL -44.1%). Their daily returns move loosely together (correlation 0.49 across 364 shared trading days). Both have run at a similar volatility, around 64% annualised.
HPSOL
0.49over 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 | SOL |
|---|---|---|
| Max drawdown (400d) | -85.0% | -73.5% |
| Risk-adjusted return (90d) | 0.25 | 0.44 |
| Best 30 days (past year) | — | +47.8% |
| Worst 30 days (past year) | — | -46.1% |
Relative strength over 90 days: SOL outperformed HP by 22.6% — measured on the HP/SOL ratio, so it holds regardless of market direction.