Hyperliquid (HYPE) is 2.3× the size of Chainlink (LINK) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 73 shared trading days). Both have run at a similar volatility, around 76% annualised.
HYPELINK
0.48over 73 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 | HYPE | LINK |
|---|---|---|
| Max drawdown (400d) | -18.9% | -69.2% |
| Risk-adjusted return (90d) | 0.56 | 0.53 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: HYPE outperformed LINK by 19.2% — measured on the HYPE/LINK ratio, so it holds regardless of market direction.