Hyperliquid (HYPE) is 122562.1× the size of Skate (SKATE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 44 shared trading days). SKATE has been the more volatile of the two, at 242% annualised against HYPE's 81%.
SKATEHYPE
-0.01over 44 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 | SKATE | HYPE |
|---|---|---|
| Max drawdown (400d) | -98.7% | -18.9% |
| Risk-adjusted return (90d) | 0.48 | 0.56 |
| Best 30 days (past year) | +68.9% | — |
| Worst 30 days (past year) | -79.0% | — |
Relative strength over 90 days: HYPE outperformed SKATE by 22.4% — measured on the SKATE/HYPE ratio, so it holds regardless of market direction.