Hyperliquid (HYPE) is 2.5× the size of LEO Token (LEO) by market capitalisation. Over the past 30 days, HYPE is ahead by 40.7 percentage points (HYPE +37.0% against LEO -3.8%). Their daily returns move barely together (correlation 0.05 across 31 shared trading days). HYPE has been the more volatile of the two, at 88% annualised against LEO's 22%.
| Period | HYPE | LEO | Ahead |
|---|---|---|---|
| 7 days | -6.11% | -2.60% | LEO |
| 30 days | +36.97% | -3.75% | HYPE |
| Metric | HYPE | LEO |
|---|---|---|
| Max drawdown (400d) | -10.6% | -7.0% |
| Risk-adjusted return (90d) | 0.42 | -0.17 |
Relative strength over 90 days: HYPE outperformed LEO by 42.3% — measured on the HYPE/LEO ratio, so it holds regardless of market direction.
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.