Hyperliquid (HYPE) is 2024.9× the size of Marlin (POND) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 34 shared trading days). POND has been the more volatile of the two, at 191% annualised against HYPE's 82%.
PONDHYPE
0.30over 34 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 | POND | HYPE |
|---|---|---|
| Max drawdown (400d) | -90.3% | -18.9% |
| Risk-adjusted return (90d) | -0.08 | 0.58 |
Relative strength over 90 days: HYPE outperformed POND by 25.7% — measured on the POND/HYPE ratio, so it holds regardless of market direction.