Index Cooperative vs Hyperliquid

Hyperliquid (HYPE) is 10380.6× the size of Index Cooperative (INDEX) by market capitalisation. Over the past 30 days, INDEX is ahead by 18.6 percentage points (INDEX +12.6% against HYPE -6.0%). Their daily returns move barely together (correlation 0.24 across 32 shared trading days). INDEX has been the more volatile of the two, at 97% annualised against HYPE's 82%.

Correlation: 0.24
Size ratio: 1 : 10380.6
Ahead over 30 days: INDEX

Index CooperativeINDEX

$0.276816

24h: -0.20%
Market cap: $1.96M
Volume 24h: $42,780
Volatility (ann.): 97%

HyperliquidHYPE

$84.5800

24h: -1.65%
Market cap: $20.32B
Volume 24h: $1.42B
Volatility (ann.): 82%

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

Performance

INDEXHYPE

7 days-10.44%+4.65%HYPE
30 days+12.57%-6.04%INDEX

Correlation

0.24over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2490d: 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	INDEX	HYPE
Max drawdown (400d)	-18.0%	-18.9%
Risk-adjusted return (90d)	0.11	0.58

Relative strength over 90 days: INDEX outperformed HYPE by 7.8% — measured on the INDEX/HYPE ratio, so it holds regardless of market direction.

Index Cooperative →Hyperliquid →