Hyperliquid (HYPE) is 23.7× the size of Lighter (LIT) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 41 shared trading days). LIT has been the more volatile of the two, at 118% annualised against HYPE's 81%.
LITHYPE
0.28over 41 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 | LIT | HYPE |
|---|---|---|
| Max drawdown (400d) | -42.9% | -18.9% |
| Risk-adjusted return (90d) | -0.26 | 0.56 |
Relative strength over 90 days: HYPE outperformed LIT by 24.1% — measured on the LIT/HYPE ratio, so it holds regardless of market direction.