Hyperliquid (HYPE) is 40639.1× the size of Ithaca Protocol (ITHACA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 47 shared trading days). ITHACA has been the more volatile of the two, at 178% annualised against HYPE's 81%.
ITHACAHYPE
-0.24over 47 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 | ITHACA | HYPE |
|---|---|---|
| Max drawdown (400d) | -96.8% | -18.9% |
| Risk-adjusted return (90d) | -0.16 | 0.56 |
| Best 30 days (past year) | +87.2% | — |
| Worst 30 days (past year) | -85.3% | — |
Relative strength over 90 days: ITHACA outperformed HYPE by 24.6% — measured on the ITHACA/HYPE ratio, so it holds regardless of market direction.