Hyperliquid (HYPE) is 41114.9× the size of Levana (LVN) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 22 shared trading days). LVN has been the more volatile of the two, at 99% annualised against HYPE's 81%.
LVNHYPE
0.39over 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 | LVN | HYPE |
|---|---|---|
| Max drawdown (400d) | -17.3% | -18.9% |
| Risk-adjusted return (90d) | 0.09 | 0.56 |
Relative strength over 90 days: LVN outperformed HYPE by 3.8% — measured on the LVN/HYPE ratio, so it holds regardless of market direction.