Hyperliquid (HYPE) is 33677.6× the size of Offshift (XFT) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 29 shared trading days). XFT has been the more volatile of the two, at 143% annualised against HYPE's 82%.
XFTHYPE
0.65over 29 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 | XFT | HYPE |
|---|---|---|
| Max drawdown (400d) | -66.4% | -18.9% |
| Risk-adjusted return (90d) | -0.36 | 0.58 |
Relative strength over 90 days: HYPE outperformed XFT by 26.8% — measured on the XFT/HYPE ratio, so it holds regardless of market direction.