Honey (HNY) and Hyperliquid (HYPE) compared side by side. Over the past 30 days, HNY is ahead by 10.9 percentage points (HNY +4.9% against HYPE -6.0%). Their daily returns move loosely together (correlation 0.54 across 23 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against HNY's 28%.
HNYHYPE
0.54over 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 | HNY | HYPE |
|---|---|---|
| Max drawdown (400d) | -4.3% | -18.9% |
| Risk-adjusted return (90d) | 0.18 | 0.58 |
Relative strength over 90 days: HNY outperformed HYPE by 0.8% — measured on the HNY/HYPE ratio, so it holds regardless of market direction.