Tether (USDT) is 9.0× the size of Hyperliquid (HYPE) by market capitalisation. Over the past 30 days, HYPE is ahead by 36.9 percentage points (HYPE +37.0% against USDT +0.0%). Their daily returns move closely together (correlation 0.72 across 31 shared trading days). HYPE has been the more volatile of the two, at 88% annualised against USDT's 0%.
| Period | HYPE | USDT | Ahead |
|---|---|---|---|
| 7 days | -6.11% | -0.01% | USDT |
| 30 days | +36.97% | +0.05% | HYPE |
| Metric | HYPE | USDT |
|---|---|---|
| Max drawdown (400d) | -10.6% | -0.0% |
| Risk-adjusted return (90d) | 0.42 | 0.19 |
Relative strength over 90 days: HYPE outperformed USDT by 36.9% — measured on the HYPE/USDT 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.