Ref Finance vs Hyperliquid

Hyperliquid (HYPE) is 3101.8× the size of Ref Finance (REF) by market capitalisation. Over the past 30 days, REF is ahead by 46.0 percentage points (REF +40.0% against HYPE -6.0%). Their daily returns move closely together (correlation 0.70 across 33 shared trading days). REF has been the more volatile of the two, at 146% annualised against HYPE's 82%.

Correlation: 0.70
Size ratio: 1 : 3101.8
Ahead over 30 days: REF

Ref FinanceREF

$0.068647

24h: -1.62%
Market cap: $6.59M
Volume 24h: $221
Volatility (ann.): 146%

HyperliquidHYPE

$85.9100

24h: -2.24%
Market cap: $20.44B
Volume 24h: $1.38B
Volatility (ann.): 82%

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

Performance

REFHYPE

7 days-16.83%+4.65%HYPE
30 days+39.98%-6.04%REF

Correlation

0.70over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7090d: 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	REF	HYPE
Max drawdown (400d)	-34.6%	-18.9%
Risk-adjusted return (90d)	0.51	0.58

Relative strength over 90 days: REF outperformed HYPE by 69.1% — measured on the REF/HYPE ratio, so it holds regardless of market direction.

Ref Finance →Hyperliquid →