Mayflower (MAY) and Hyperliquid (HYPE) compared side by side. Their daily returns move barely in opposite directions (correlation -0.23 across 39 shared trading days). MAY has been the more volatile of the two, at 162% annualised against HYPE's 81%.
MAYHYPE
-0.23over 39 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 | MAY | HYPE |
|---|---|---|
| Max drawdown (400d) | -97.5% | -18.9% |
| Risk-adjusted return (90d) | -0.28 | 0.56 |
Relative strength over 90 days: HYPE outperformed MAY by 74.8% — measured on the MAY/HYPE ratio, so it holds regardless of market direction.