Shadow vs Hyperliquid

Hyperliquid (HYPE) is 21938.4× the size of Shadow (SHADOW) by market capitalisation. Over the past 30 days, SHADOW is ahead by 40.6 percentage points (SHADOW +34.5% against HYPE -6.0%). Their daily returns move closely together (correlation 0.82 across 23 shared trading days). SHADOW has been the more volatile of the two, at 183% annualised against HYPE's 82%.

Correlation: 0.82
Size ratio: 1 : 21938.4
Ahead over 30 days: SHADOW

ShadowSHADOW

$0.888458

24h: -3.88%
Market cap: $919,760
Volume 24h: $17,314
Volatility (ann.): 183%

HyperliquidHYPE

$84.5400

24h: -1.17%
Market cap: $20.18B
Volume 24h: $1.42B
Volatility (ann.): 82%

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

Performance

SHADOWHYPE

7 days-12.87%+4.65%HYPE
30 days+34.54%-6.04%SHADOW

Correlation

0.82over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	SHADOW	HYPE
Max drawdown (400d)	-31.1%	-18.9%
Risk-adjusted return (90d)	0.19	0.58

Relative strength over 90 days: SHADOW outperformed HYPE by 23.7% — measured on the SHADOW/HYPE ratio, so it holds regardless of market direction.

Shadow →Hyperliquid →