Hyperliquid (HYPE) is 2242061.6× the size of Lithos (LITH) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 29 shared trading days). LITH has been the more volatile of the two, at 202% annualised against HYPE's 81%.
LITHHYPE
0.32over 29 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 | LITH | HYPE |
|---|---|---|
| Max drawdown (400d) | -59.2% | -18.9% |
| Risk-adjusted return (90d) | -0.26 | 0.56 |
Relative strength over 90 days: HYPE outperformed LITH by 50.2% — measured on the LITH/HYPE ratio, so it holds regardless of market direction.