Hydration vs Hyperliquid

Hyperliquid (HYPE) is 482.7× the size of Hydration (HDX) by market capitalisation. Over the past 30 days, HDX is ahead by 5.0 percentage points (HDX -1.1% against HYPE -6.0%). Their daily returns move barely together (correlation 0.06 across 48 shared trading days). Both have run at a similar volatility, around 87% annualised.

Correlation: 0.06
Size ratio: 1 : 482.7
Ahead over 30 days: HDX

HydrationHDX

$0.007110

24h: +1.41%
Market cap: $42.08M
Volume 24h: $12,661
Volatility (ann.): 92%

HyperliquidHYPE

$84.4100

24h: +0.57%
Market cap: $20.31B
Volume 24h: $1.36B
Volatility (ann.): 82%

HDX 0.2%Share of the two combined market caps99.8% HYPE

Performance

HDXHYPE

7 days-2.03%+4.65%HYPE
30 days-1.05%-6.04%HDX

Correlation

0.06over 48 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1390d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	HDX	HYPE
Max drawdown (400d)	-39.5%	-18.9%
Risk-adjusted return (90d)	-0.39	0.58

Relative strength over 90 days: HYPE outperformed HDX by 43.5% — measured on the HDX/HYPE ratio, so it holds regardless of market direction.

Hydration →Hyperliquid →