Hyperliquid (HYPE) is 442603.0× the size of OX Coin (OX) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 33 shared trading days). Both have run at a similar volatility, around 77% annualised.
OXHYPE
0.33over 33 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 | OX | HYPE |
|---|---|---|
| Max drawdown (400d) | -26.0% | -18.9% |
| Risk-adjusted return (90d) | -0.26 | 0.56 |
Relative strength over 90 days: HYPE outperformed OX by 15.3% — measured on the OX/HYPE ratio, so it holds regardless of market direction.