Pig Finance (PIG) and Hyperliquid (HYPE) compared side by side. Over the past 30 days, PIG is ahead by 3.6 percentage points (PIG -2.5% against HYPE -6.0%). Their daily returns move barely together (correlation 0.29 across 30 shared trading days). Both have run at a similar volatility, around 82% annualised.
PIGHYPE
0.29over 30 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 | PIG | HYPE |
|---|---|---|
| Max drawdown (400d) | -12.8% | -18.9% |
| Risk-adjusted return (90d) | 0.01 | 0.58 |
Relative strength over 90 days: HYPE outperformed PIG by 2.4% — measured on the PIG/HYPE ratio, so it holds regardless of market direction.