Hyperliquid (HYPE) is 172896.9× the size of Navigator Exchange (NAVI) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 31 shared trading days). NAVI has been the more volatile of the two, at 220% annualised against HYPE's 81%.
NAVIHYPE
0.14over 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 | NAVI | HYPE |
|---|---|---|
| Max drawdown (400d) | -58.3% | -18.9% |
| Risk-adjusted return (90d) | -0.11 | 0.56 |
Relative strength over 90 days: HYPE outperformed NAVI by 21.0% — measured on the NAVI/HYPE ratio, so it holds regardless of market direction.