Index Coop - ETH 2x Flexible Leverage Index (Polygon) vs Hyperliquid

Hyperliquid (HYPE) is 59229.6× the size of Index Coop - ETH 2x Flexible Leverage Index (Polygon) (ETH2X-FLI-P) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 35 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against ETH2X-FLI-P's 40%.

Correlation: 0.07
Size ratio: 1 : 59229.6

Index Coop - ETH 2x Flexible Leverage Index (Polygon)ETH2X-FLI-P

$5.7700

24h: +4.78%
Market cap: $336,398
Volume 24h: $782
Volatility (ann.): 40%

HyperliquidHYPE

$83.2500

24h: -1.47%
Market cap: $19.92B
Volume 24h: $1.36B
Volatility (ann.): 81%

ETH2X-FLI-P 0.0%Share of the two combined market caps100.0% HYPE

Performance

ETH2X-FLI-PHYPE

7 days-3.03%+3.87%HYPE
30 days-7.40%-11.01%ETH2X-FLI-P
90 days—+45.28%—

Correlation

0.07over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0690d: 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	ETH2X-FLI-P	HYPE
Max drawdown (400d)	-13.7%	-18.9%
Risk-adjusted return (90d)	-0.16	0.56

Relative strength over 90 days: HYPE outperformed ETH2X-FLI-P by 1.8% — measured on the ETH2X-FLI-P/HYPE ratio, so it holds regardless of market direction.

Index Coop - ETH 2x Flexible Leverage Index (Polygon) →Hyperliquid →