Hyperliquid (HYPE) is 393378.8× the size of Metropolis (METRO) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 31 shared trading days). METRO has been the more volatile of the two, at 244% annualised against HYPE's 81%.
METROHYPE
0.10over 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 | METRO | HYPE |
|---|---|---|
| Max drawdown (400d) | -53.9% | -18.9% |
| Risk-adjusted return (90d) | 0.21 | 0.56 |
Relative strength over 90 days: METRO outperformed HYPE by 58.9% — measured on the METRO/HYPE ratio, so it holds regardless of market direction.