Hyperliquid (HYPE) is 3570557.3× the size of size it (SIZE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 26 shared trading days). SIZE has been the more volatile of the two, at 114% annualised against HYPE's 81%.
SIZEHYPE
-0.04over 26 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 | SIZE | HYPE |
|---|---|---|
| Max drawdown (400d) | -51.7% | -18.9% |
| Risk-adjusted return (90d) | -0.45 | 0.56 |
Relative strength over 90 days: HYPE outperformed SIZE by 52.9% — measured on the SIZE/HYPE ratio, so it holds regardless of market direction.