Icosa vs Hyperliquid

Icosa (ICSA) and Hyperliquid (HYPE) compared side by side. Their daily returns move barely together (correlation 0.28 across 23 shared trading days). ICSA has been the more volatile of the two, at 230% annualised against HYPE's 81%.

Correlation: 0.28

IcosaICSA

$0.005396

24h: +4.41%
Market cap: —
Volume 24h: $316
Volatility (ann.): 230%

HyperliquidHYPE

$84.3500

24h: +2.61%
Market cap: $20.16B
Volume 24h: $1.44B
Volatility (ann.): 81%

ICSA 0.0%Share of the two combined market caps100.0% HYPE

Performance

ICSAHYPE

7 days-14.27%+3.87%HYPE
30 days—-11.01%—
90 days—+45.28%—

Correlation

0.28over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: 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	ICSA	HYPE
Max drawdown (400d)	-61.0%	-18.9%
Risk-adjusted return (90d)	-0.22	0.56

Relative strength over 90 days: HYPE outperformed ICSA by 51.6% — measured on the ICSA/HYPE ratio, so it holds regardless of market direction.

Icosa →Hyperliquid →