Hyperliquid (HYPE) is 57554.8× the size of iZUMi Finance (IZI) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 45 shared trading days). IZI has been the more volatile of the two, at 147% annualised against HYPE's 82%.
IZIHYPE
0.04over 45 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 | IZI | HYPE |
|---|---|---|
| Max drawdown (400d) | -98.0% | -18.9% |
| Risk-adjusted return (90d) | -0.30 | 0.58 |
| Best 30 days (past year) | +141.6% | — |
| Worst 30 days (past year) | -78.3% | — |
Relative strength over 90 days: HYPE outperformed IZI by 55.2% — measured on the IZI/HYPE ratio, so it holds regardless of market direction.