Hyperliquid (HYPE) is 2323.2× the size of Infinex (INX) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 46 shared trading days). INX has been the more volatile of the two, at 131% annualised against HYPE's 82%.
INXHYPE
0.23over 46 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 | INX | HYPE |
|---|---|---|
| Max drawdown (400d) | -53.1% | -18.9% |
| Risk-adjusted return (90d) | -0.28 | 0.58 |
Relative strength over 90 days: HYPE outperformed INX by 60.8% — measured on the INX/HYPE ratio, so it holds regardless of market direction.