Hyperliquid (HYPE) is 1441524.3× the size of IoTAI (IOTAI) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 21 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against IOTAI's 45%.
IOTAIHYPE
0.41over 21 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 | IOTAI | HYPE |
|---|---|---|
| Max drawdown (400d) | -20.0% | -18.9% |
| Risk-adjusted return (90d) | -0.38 | 0.56 |
Relative strength over 90 days: HYPE outperformed IOTAI by 14.6% — measured on the IOTAI/HYPE ratio, so it holds regardless of market direction.