ICPSwap Token (ICS) and Hyperliquid (HYPE) compared side by side. Over the past 30 days, ICS is ahead by 14.9 percentage points (ICS +8.9% against HYPE -6.0%). Their daily returns move barely in opposite directions (correlation -0.12 across 28 shared trading days). ICS has been the more volatile of the two, at 114% annualised against HYPE's 82%.
ICSHYPE
-0.12over 28 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 | ICS | HYPE |
|---|---|---|
| Max drawdown (400d) | -26.0% | -18.9% |
| Risk-adjusted return (90d) | 0.08 | 0.58 |
Relative strength over 90 days: ICS outperformed HYPE by 12.3% — measured on the ICS/HYPE ratio, so it holds regardless of market direction.