Mochi DeFi (MOCHI) and Hyperliquid (HYPE) compared side by side. Their daily returns move barely in opposite directions (correlation -0.32 across 23 shared trading days). Both have run at a similar volatility, around 77% annualised.
MOCHIHYPE
-0.32over 23 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 | MOCHI | HYPE |
|---|---|---|
| Max drawdown (400d) | -18.4% | -18.9% |
| Risk-adjusted return (90d) | -0.22 | 0.58 |
Relative strength over 90 days: HYPE outperformed MOCHI by 11.4% — measured on the MOCHI/HYPE ratio, so it holds regardless of market direction.