KlaySwap Protocol (KSP) and Hyperliquid (HYPE) compared side by side. Their daily returns move closely together (correlation 0.69 across 23 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against KSP's 67%.
KSPHYPE
0.69over 23 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 | KSP | HYPE |
|---|---|---|
| Max drawdown (400d) | -12.0% | -18.9% |
| Risk-adjusted return (90d) | 0.04 | 0.56 |
Relative strength over 90 days: HYPE outperformed KSP by 1.1% — measured on the KSP/HYPE ratio, so it holds regardless of market direction.