Hyperliquid (HYPE) is 120.4× the size of Meteora (MET) by market capitalisation. Their daily returns move loosely together (correlation 0.47 across 72 shared trading days). MET has been the more volatile of the two, at 116% annualised against HYPE's 82%.
METHYPE
0.47over 72 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 | MET | HYPE |
|---|---|---|
| Max drawdown (400d) | -78.8% | -18.9% |
| Risk-adjusted return (90d) | 0.44 | 0.58 |
Relative strength over 90 days: MET outperformed HYPE by 13.5% — measured on the MET/HYPE ratio, so it holds regardless of market direction.