Hyperliquid (HYPE) is 289246.7× the size of Listed exchange (LISTED) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 35 shared trading days). LISTED has been the more volatile of the two, at 754% annualised against HYPE's 81%.
LISTEDHYPE
0.16over 35 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 | LISTED | HYPE |
|---|---|---|
| Max drawdown (400d) | -74.5% | -18.9% |
| Risk-adjusted return (90d) | -0.07 | 0.56 |
Relative strength over 90 days: HYPE outperformed LISTED by 52.2% — measured on the LISTED/HYPE ratio, so it holds regardless of market direction.