Hyperliquid (HYPE) is 662518.7× the size of Mirror (MIRROR) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.46 across 29 shared trading days). MIRROR has been the more volatile of the two, at 405% annualised against HYPE's 83%.
MIRRORHYPE
-0.46over 29 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 | MIRROR | HYPE |
|---|---|---|
| Max drawdown (400d) | -21.2% | -18.9% |
| Risk-adjusted return (90d) | 0.21 | 0.40 |
Relative strength over 90 days: MIRROR outperformed HYPE by 109.6% — measured on the MIRROR/HYPE ratio, so it holds regardless of market direction.