Hyperliquid (HYPE) is 3448105.1× the size of Pink Sheets (PINK) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 30 shared trading days). PINK has been the more volatile of the two, at 434% annualised against HYPE's 81%.
PINKHYPE
0.43over 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 | PINK | HYPE |
|---|---|---|
| Max drawdown (400d) | -51.6% | -18.9% |
| Risk-adjusted return (90d) | -0.07 | 0.56 |
Relative strength over 90 days: HYPE outperformed PINK by 26.0% — measured on the PINK/HYPE ratio, so it holds regardless of market direction.