Hyperliquid (HYPE) is 157507.4× the size of Polkamarkets (POLK) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 47 shared trading days). POLK has been the more volatile of the two, at 114% annualised against HYPE's 81%.
POLKHYPE
0.18over 47 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 | POLK | HYPE |
|---|---|---|
| Max drawdown (400d) | -91.8% | -18.9% |
| Risk-adjusted return (90d) | -0.38 | 0.56 |
| Best 30 days (past year) | +92.7% | — |
| Worst 30 days (past year) | -68.5% | — |
Relative strength over 90 days: HYPE outperformed POLK by 64.1% — measured on the POLK/HYPE ratio, so it holds regardless of market direction.