ShapeShift FOX vs Hyperliquid

Hyperliquid (HYPE) is 5304.2× the size of ShapeShift FOX (FOX) by market capitalisation. Over the past 30 days, FOX is ahead by 1.1 percentage points (FOX -4.9% against HYPE -6.0%). Their daily returns move closely together (correlation 0.65 across 32 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against FOX's 68%.

Correlation: 0.65
Size ratio: 1 : 5304.2
Ahead over 30 days: FOX

ShapeShift FOXFOX

$0.004694

24h: +2.83%
Market cap: $3.81M
Volume 24h: $45,516
Volatility (ann.): 68%

HyperliquidHYPE

$84.3900

24h: -2.14%
Market cap: $20.19B
Volume 24h: $1.37B
Volatility (ann.): 82%

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

Performance

FOXHYPE

7 days-4.85%+4.65%HYPE
30 days-4.89%-6.04%FOX

Correlation

0.65over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6790d: 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	FOX	HYPE
Max drawdown (400d)	-16.8%	-18.9%
Risk-adjusted return (90d)	-0.23	0.58

Relative strength over 90 days: HYPE outperformed FOX by 17.7% — measured on the FOX/HYPE ratio, so it holds regardless of market direction.

ShapeShift FOX →Hyperliquid →