Renq Finance (RENQ) and Hyperliquid (HYPE) compared side by side. Their daily returns move barely together (correlation 0.23 across 24 shared trading days). HYPE has been the more volatile of the two, at 81% annualised against RENQ's 54%.
RENQHYPE
0.23over 24 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 | RENQ | HYPE |
|---|---|---|
| Max drawdown (400d) | -25.1% | -18.9% |
| Risk-adjusted return (90d) | -0.46 | 0.56 |
Relative strength over 90 days: HYPE outperformed RENQ by 20.2% — measured on the RENQ/HYPE ratio, so it holds regardless of market direction.