Hyperliquid (HYPE) is 76835.7× the size of Matchain (MAT) by market capitalisation. Their daily returns move barely together (correlation 0.00 across 31 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against MAT's 58%.
MATHYPE
0.00over 31 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 | MAT | HYPE |
|---|---|---|
| Max drawdown (400d) | -12.2% | -18.9% |
| Risk-adjusted return (90d) | 0.09 | 0.56 |
Relative strength over 90 days: MAT outperformed HYPE by 3.5% — measured on the MAT/HYPE ratio, so it holds regardless of market direction.