Hyperliquid (HYPE) is 87822.7× the size of K9 Finance DAO (KNINE) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 34 shared trading days). KNINE has been the more volatile of the two, at 102% annualised against HYPE's 81%.
KNINEHYPE
0.08over 34 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 | KNINE | HYPE |
|---|---|---|
| Max drawdown (400d) | -25.0% | -18.9% |
| Risk-adjusted return (90d) | -0.17 | 0.56 |
Relative strength over 90 days: HYPE outperformed KNINE by 14.0% — measured on the KNINE/HYPE ratio, so it holds regardless of market direction.