Hyperliquid (HYPE) is 10431.6× the size of mETH Protocol (COOK) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 31 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against COOK's 38%.
COOKHYPE
0.20over 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 | COOK | HYPE |
|---|---|---|
| Max drawdown (400d) | -21.9% | -18.9% |
| Risk-adjusted return (90d) | -0.38 | 0.56 |
Relative strength over 90 days: HYPE outperformed COOK by 15.8% — measured on the COOK/HYPE ratio, so it holds regardless of market direction.