Million (MM) is 4.1× the size of Hyperlane Bridged TEA (Base) (HTEA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 38 shared trading days). HTEA has been the more volatile of the two, at 168% annualised against MM's 24%.
$3.742e-5
HTEAMM
-0.06over 38 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 | HTEA | MM |
|---|---|---|
| Max drawdown (400d) | -91.9% | -3.0% |
| Risk-adjusted return (90d) | -0.49 | 0.04 |
Relative strength over 90 days: MM outperformed HTEA by 4.6% — measured on the HTEA/MM ratio, so it holds regardless of market direction.