Hyperliquid (HYPE) is 634271.2× the size of Nash Smart Finance (NASF) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 36 shared trading days). HYPE has been the more volatile of the two, at 83% annualised against NASF's 35%.
NASFHYPE
0.45over 36 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 | NASF | HYPE |
|---|---|---|
| Max drawdown (400d) | -15.0% | -18.9% |
| Risk-adjusted return (90d) | -0.40 | 0.40 |
Relative strength over 90 days: HYPE outperformed NASF by 1.4% — measured on the NASF/HYPE ratio, so it holds regardless of market direction.