Hyperliquid (HYPE) is 3139324.6× the size of Pluto (PLUTO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 34 shared trading days). PLUTO has been the more volatile of the two, at 453% annualised against HYPE's 81%.
PLUTOHYPE
-0.10over 34 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 | PLUTO | HYPE |
|---|---|---|
| Max drawdown (400d) | -91.9% | -18.9% |
| Risk-adjusted return (90d) | -0.15 | 0.56 |
Relative strength over 90 days: HYPE outperformed PLUTO by 67.0% — measured on the PLUTO/HYPE ratio, so it holds regardless of market direction.