Hyperliquid (HYPE) is 14372.6× the size of HyperSwap (SWAP) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 33 shared trading days). SWAP has been the more volatile of the two, at 203% annualised against HYPE's 81%.
SWAPHYPE
0.65over 33 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 | SWAP | HYPE |
|---|---|---|
| Max drawdown (400d) | -52.6% | -18.9% |
| Risk-adjusted return (90d) | -0.22 | 0.56 |
Relative strength over 90 days: HYPE outperformed SWAP by 44.4% — measured on the SWAP/HYPE ratio, so it holds regardless of market direction.