Hyperliquid (HYPE) is 15228766.4× the size of Kona Pearl (PEARL) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 22 shared trading days). PEARL has been the more volatile of the two, at 157% annualised against HYPE's 81%.
PEARLHYPE
0.46over 22 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 | PEARL | HYPE |
|---|---|---|
| Max drawdown (400d) | -66.3% | -18.9% |
| Risk-adjusted return (90d) | -0.42 | 0.56 |
Relative strength over 90 days: HYPE outperformed PEARL by 67.2% — measured on the PEARL/HYPE ratio, so it holds regardless of market direction.