Hyperliquid (HYPE) is 1381125.8× the size of Ociswap (OCI) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 31 shared trading days). OCI has been the more volatile of the two, at 938% annualised against HYPE's 83%.
OCIHYPE
0.04over 31 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 | OCI | HYPE |
|---|---|---|
| Max drawdown (400d) | -76.0% | -18.9% |
| Risk-adjusted return (90d) | -0.07 | 0.40 |
Relative strength over 90 days: HYPE outperformed OCI by 62.9% — measured on the OCI/HYPE ratio, so it holds regardless of market direction.