Note Systems vs Hyperliquid

Hyperliquid (HYPE) is 12548.7× the size of Note Systems (NOTE) by market capitalisation. Over the past 30 days, HYPE is ahead by 52.4 percentage points (NOTE -58.5% against HYPE -6.0%). Their daily returns move loosely together (correlation 0.40 across 35 shared trading days). NOTE has been the more volatile of the two, at 250% annualised against HYPE's 82%.

Correlation: 0.40
Size ratio: 1 : 12548.7
Ahead over 30 days: HYPE

Note SystemsNOTE

$0.026800

24h: -1.37%
Market cap: $1.61M
Volume 24h: $25,304
Volatility (ann.): 250%

HyperliquidHYPE

$84.5400

24h: -1.17%
Market cap: $20.18B
Volume 24h: $1.42B
Volatility (ann.): 82%

NOTE 0.0%Share of the two combined market caps100.0% HYPE

Performance

NOTEHYPE

7 days-39.87%+4.65%HYPE
30 days-58.46%-6.04%HYPE

Correlation

0.40over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3990d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	NOTE	HYPE
Max drawdown (400d)	-71.6%	-18.9%
Risk-adjusted return (90d)	-0.29	0.58

Relative strength over 90 days: HYPE outperformed NOTE by 69.7% — measured on the NOTE/HYPE ratio, so it holds regardless of market direction.

Note Systems →Hyperliquid →