Hyperliquid (HYPE) is 129199.4× the size of Kind Cat Token (KIND) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.22 across 35 shared trading days). KIND has been the more volatile of the two, at 151% annualised against HYPE's 81%.
KINDHYPE
-0.22over 35 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 | KIND | HYPE |
|---|---|---|
| Max drawdown (400d) | -32.9% | -18.9% |
| Risk-adjusted return (90d) | -0.15 | 0.56 |
Relative strength over 90 days: HYPE outperformed KIND by 19.6% — measured on the KIND/HYPE ratio, so it holds regardless of market direction.