Nexus Mutual vs Hyperliquid

Hyperliquid (HYPE) is 208.9× the size of Nexus Mutual (NXM) by market capitalisation. Over the past 30 days, HYPE is ahead by 2.7 percentage points (NXM -8.8% against HYPE -6.0%). Their daily returns move closely together (correlation 0.65 across 54 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against NXM's 53%.

Correlation: 0.65
Size ratio: 1 : 208.9
Ahead over 30 days: HYPE

Nexus MutualNXM

$61.4600

24h: +3.89%
Market cap: $95.25M
Volume 24h: —
Volatility (ann.): 53%

HyperliquidHYPE

$83.3100

24h: -3.47%
Market cap: $19.90B
Volume 24h: $1.44B
Volatility (ann.): 82%

NXM 0.5%Share of the two combined market caps99.5% HYPE

Performance

NXMHYPE

7 days-1.00%+4.65%HYPE
30 days-8.76%-6.04%HYPE

Correlation

0.65over 54 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.5990d: 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	NXM	HYPE
Max drawdown (400d)	-17.2%	-18.9%
Risk-adjusted return (90d)	0.28	0.58

Relative strength over 90 days: HYPE outperformed NXM by 20.5% — measured on the NXM/HYPE ratio, so it holds regardless of market direction.

Nexus Mutual →Hyperliquid →