Hyperliquid (HYPE) is 3160715.3× the size of Prism Finance (PRISM) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.44 across 27 shared trading days). Both have run at a similar volatility, around 78% annualised.
PRISMHYPE
-0.44over 27 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 | PRISM | HYPE |
|---|---|---|
| Max drawdown (400d) | -45.2% | -18.9% |
| Risk-adjusted return (90d) | -0.58 | 0.56 |
Relative strength over 90 days: HYPE outperformed PRISM by 41.2% — measured on the PRISM/HYPE ratio, so it holds regardless of market direction.