Hyperliquid vs Tether Gold

Hyperliquid (HYPE) is 5.4× the size of Tether Gold (XAUT) by market capitalisation. Over the past 90 days, HYPE is ahead by 35.7 percentage points (HYPE +30.3% against XAUT -5.4%). Their daily returns move barely together (correlation 0.27 across 78 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against XAUT's 24%.

Correlation: 0.27
Size ratio: 5.4×
Ahead over 90 days: HYPE

HyperliquidHYPE

$74.3900

24h: -1.23%
Market cap: $17.76B
Volume 24h: $1.09B
Volatility (ann.): 82%

Tether GoldXAUT

$4,098.08

24h: -0.45%
Market cap: $3.31B
Volume 24h: $173.64M
Volatility (ann.): 24%

HYPE 84.3%Share of the two combined market caps15.7% XAUT

Performance

HYPEXAUT

7 days-10.58%+4.61%XAUT
30 days-12.03%-1.49%XAUT
90 days+30.33%-5.36%HYPE

Correlation

0.27over 78 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0790d: 0.271y: insufficient data

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.

Risk & extremes

Metric	HYPE	XAUT
Max drawdown (400d)	-20.8%	-19.4%
Risk-adjusted return (90d)	0.37	-0.25

Relative strength over 90 days: HYPE outperformed XAUT by 37.7% — measured on the HYPE/XAUT ratio, so it holds regardless of market direction.

Hyperliquid →Tether Gold →