Hyperliquid (HYPE) is 1994560.2× the size of Kriya (KDX) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 31 shared trading days). Both have run at a similar volatility, around 76% annualised.
KDXHYPE
0.17over 31 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 | KDX | HYPE |
|---|---|---|
| Max drawdown (400d) | -32.2% | -18.9% |
| Risk-adjusted return (90d) | -0.39 | 0.56 |
Relative strength over 90 days: HYPE outperformed KDX by 24.6% — measured on the KDX/HYPE ratio, so it holds regardless of market direction.