Hyperliquid (HYPE) is 817446.2× the size of Pledge Finance (PLG) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.18 across 31 shared trading days). PLG has been the more volatile of the two, at 181% annualised against HYPE's 81%.
PLGHYPE
-0.18over 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 | PLG | HYPE |
|---|---|---|
| Max drawdown (400d) | -68.5% | -18.9% |
| Risk-adjusted return (90d) | -0.38 | 0.56 |
Relative strength over 90 days: HYPE outperformed PLG by 66.0% — measured on the PLG/HYPE ratio, so it holds regardless of market direction.