Hyperliquid (HYPE) is 71939.8× the size of Neron Lyra (NLYRA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.22 across 36 shared trading days). NLYRA has been the more volatile of the two, at 391% annualised against HYPE's 81%.
NLYRAHYPE
-0.22over 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 | NLYRA | HYPE |
|---|---|---|
| Max drawdown (400d) | -40.1% | -18.9% |
| Risk-adjusted return (90d) | 0.01 | 0.56 |
Relative strength over 90 days: NLYRA outperformed HYPE by 12.1% — measured on the NLYRA/HYPE ratio, so it holds regardless of market direction.