Hyperliquid (HYPE) is 2887.8× the size of Pika Protocol (PIKA) by market capitalisation. Their daily returns move loosely together (correlation 0.47 across 31 shared trading days). Both have run at a similar volatility, around 85% annualised.
PIKAHYPE
0.47over 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 | PIKA | HYPE |
|---|---|---|
| Max drawdown (400d) | -54.5% | -18.9% |
| Risk-adjusted return (90d) | 0.51 | 0.58 |
Relative strength over 90 days: HYPE outperformed PIKA by 15.1% — measured on the PIKA/HYPE ratio, so it holds regardless of market direction.