Hyperliquid (HYPE) is 61802.7× the size of Overlay Protocol (OVL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 47 shared trading days). OVL has been the more volatile of the two, at 195% annualised against HYPE's 81%.
OVLHYPE
-0.02over 47 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 | OVL | HYPE |
|---|---|---|
| Max drawdown (400d) | -97.4% | -18.9% |
| Risk-adjusted return (90d) | -0.61 | 0.56 |
| Best 30 days (past year) | +231.1% | — |
| Worst 30 days (past year) | -67.8% | — |
Relative strength over 90 days: HYPE outperformed OVL by 38.3% — measured on the OVL/HYPE ratio, so it holds regardless of market direction.