Pendulum vs Hyperliquid

Hyperliquid (HYPE) is 15166.9× the size of Pendulum (PEN) by market capitalisation. Over the past 30 days, PEN is ahead by 55.1 percentage points (PEN +49.0% against HYPE -6.0%). Their daily returns move closely together (correlation 0.84 across 23 shared trading days). PEN has been the more volatile of the two, at 227% annualised against HYPE's 82%.

Correlation: 0.84
Size ratio: 1 : 15166.9
Ahead over 30 days: PEN

PendulumPEN

$0.016001

24h: +3.94%
Market cap: $1.36M
Volume 24h: $710
Volatility (ann.): 227%

HyperliquidHYPE

$86.3200

24h: -1.76%
Market cap: $20.57B
Volume 24h: $1.32B
Volatility (ann.): 82%

PEN 0.0%Share of the two combined market caps100.0% HYPE

Performance

PENHYPE

7 days+5.26%+4.65%PEN
30 days+49.04%-6.04%PEN

Correlation

0.84over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	PEN	HYPE
Max drawdown (400d)	-22.0%	-18.9%
Risk-adjusted return (90d)	0.22	0.58

Relative strength over 90 days: PEN outperformed HYPE by 41.2% — measured on the PEN/HYPE ratio, so it holds regardless of market direction.

Pendulum →Hyperliquid →