Polkaswap vs Hyperliquid

Hyperliquid (HYPE) is 28915.8× the size of Polkaswap (PSWAP) by market capitalisation. Over the past 30 days, HYPE is ahead by 41.2 percentage points (PSWAP -47.3% against HYPE -6.0%). Their daily returns move barely together (correlation 0.03 across 31 shared trading days). PSWAP has been the more volatile of the two, at 352% annualised against HYPE's 82%.

Correlation: 0.03
Size ratio: 1 : 28915.8
Ahead over 30 days: HYPE

PolkaswapPSWAP

$0.000203

24h: +8.95%
Market cap: $702,492
Volume 24h: $90
Volatility (ann.): 352%

HyperliquidHYPE

$84.4100

24h: +0.57%
Market cap: $20.31B
Volume 24h: $1.36B
Volatility (ann.): 82%

PSWAP 0.0%Share of the two combined market caps100.0% HYPE

Performance

PSWAPHYPE

7 days+34.46%+4.65%PSWAP
30 days-47.27%-6.04%HYPE

Correlation

0.03over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0390d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	PSWAP	HYPE
Max drawdown (400d)	-67.5%	-18.9%
Risk-adjusted return (90d)	-0.15	0.58

Relative strength over 90 days: HYPE outperformed PSWAP by 54.3% — measured on the PSWAP/HYPE ratio, so it holds regardless of market direction.

Polkaswap →Hyperliquid →