Reform DAO (RFRM) and Hyperliquid (HYPE) compared side by side. Their daily returns move loosely together (correlation 0.46 across 45 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against RFRM's 66%.
RFRMHYPE
0.46over 45 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 | RFRM | HYPE |
|---|---|---|
| Max drawdown (400d) | -94.1% | -18.9% |
| Risk-adjusted return (90d) | -0.01 | 0.58 |
| Best 30 days (past year) | +35.8% | — |
| Worst 30 days (past year) | -60.4% | — |
Relative strength over 90 days: HYPE outperformed RFRM by 34.4% — measured on the RFRM/HYPE ratio, so it holds regardless of market direction.