Pharaoh [OLD] (PHAR) and Hyperliquid (HYPE) compared side by side. Over the past 30 days, HYPE is ahead by 78.2 percentage points (PHAR -84.3% against HYPE -6.0%). Their daily returns move barely in opposite directions (correlation -0.08 across 31 shared trading days). PHAR has been the more volatile of the two, at 377% annualised against HYPE's 82%.
PHARHYPE
-0.08over 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 | PHAR | HYPE |
|---|---|---|
| Max drawdown (400d) | -84.7% | -18.9% |
| Risk-adjusted return (90d) | -0.22 | 0.58 |
Relative strength over 90 days: HYPE outperformed PHAR by 83.6% — measured on the PHAR/HYPE ratio, so it holds regardless of market direction.