Hyperliquid (HYPE) is 9866.1× the size of Hyperion (RION) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 37 shared trading days). RION has been the more volatile of the two, at 110% annualised against HYPE's 82%.
RIONHYPE
0.20over 37 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 | RION | HYPE |
|---|---|---|
| Max drawdown (400d) | -70.7% | -18.9% |
| Risk-adjusted return (90d) | -0.22 | 0.58 |
Relative strength over 90 days: HYPE outperformed RION by 36.5% — measured on the RION/HYPE ratio, so it holds regardless of market direction.