Sherwood Protocol vs Hyperliquid

Hyperliquid (HYPE) is 11446.0× the size of Sherwood Protocol (WOOD) by market capitalisation. Over the past 30 days, HYPE is ahead by 60.5 percentage points (WOOD -66.6% against HYPE -6.0%). Their daily returns move closely together (correlation 0.68 across 29 shared trading days). WOOD has been the more volatile of the two, at 386% annualised against HYPE's 82%.

Correlation: 0.68
Size ratio: 1 : 11446.0
Ahead over 30 days: HYPE

Sherwood ProtocolWOOD

$0.001835

24h: -2.06%
Market cap: $1.83M
Volume 24h: $6,889
Volatility (ann.): 386%

HyperliquidHYPE

$87.9700

24h: +1.40%
Market cap: $21.00B
Volume 24h: $1.35B
Volatility (ann.): 82%

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

Performance

WOODHYPE

7 days-60.86%+4.65%HYPE
30 days-66.58%-6.04%HYPE

Correlation

0.68over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6890d: 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	WOOD	HYPE
Max drawdown (400d)	-84.1%	-18.9%
Risk-adjusted return (90d)	-0.21	0.58

Relative strength over 90 days: HYPE outperformed WOOD by 79.7% — measured on the WOOD/HYPE ratio, so it holds regardless of market direction.

Sherwood Protocol →Hyperliquid →