Hyperliquid (HYPE) is 41.9× the size of Raydium (RAY) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 73 shared trading days). RAY has been the more volatile of the two, at 104% annualised against HYPE's 81%.
RAYHYPE
0.44over 73 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 | RAY | HYPE |
|---|---|---|
| Max drawdown (400d) | -81.7% | -18.9% |
| Risk-adjusted return (90d) | 1.30 | 0.56 |
| Best 30 days (past year) | +170.6% | — |
| Worst 30 days (past year) | -54.0% | — |
Relative strength over 90 days: RAY outperformed HYPE by 94.1% — measured on the RAY/HYPE ratio, so it holds regardless of market direction.