Hyperliquid (HYPE) is 246284.0× the size of MMFinance (Cronos) (MMF) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 26 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against MMF's 36%.
MMFHYPE
0.34over 26 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 | MMF | HYPE |
|---|---|---|
| Max drawdown (400d) | -17.9% | -18.9% |
| Risk-adjusted return (90d) | -0.46 | 0.56 |
Relative strength over 90 days: HYPE outperformed MMF by 12.8% — measured on the MMF/HYPE ratio, so it holds regardless of market direction.