Hyperliquid (HYPE) is 344418.6× the size of Manifold Finance (FOLD) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 23 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against FOLD's 57%.
FOLDHYPE
0.10over 23 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 | FOLD | HYPE |
|---|---|---|
| Max drawdown (400d) | -16.4% | -18.9% |
| Risk-adjusted return (90d) | -0.25 | 0.56 |
Relative strength over 90 days: HYPE outperformed FOLD by 10.3% — measured on the FOLD/HYPE ratio, so it holds regardless of market direction.