Hyperliquid (HYPE) is 144148.5× the size of Proof Of Liquidity (POL) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 22 shared trading days). POL has been the more volatile of the two, at 406% annualised against HYPE's 81%.
POLHYPE
0.57over 22 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 | POL | HYPE |
|---|---|---|
| Max drawdown (400d) | -39.1% | -18.9% |
| Risk-adjusted return (90d) | 0.10 | 0.56 |
Relative strength over 90 days: POL outperformed HYPE by 36.6% — measured on the POL/HYPE ratio, so it holds regardless of market direction.