Spiral Stake (SPRL) and Hyperliquid (HYPE) compared side by side. Over the past 30 days, HYPE is ahead by 56.8 percentage points (SPRL -62.8% against HYPE -6.0%). Their daily returns move barely together (correlation 0.08 across 35 shared trading days). SPRL has been the more volatile of the two, at 513% annualised against HYPE's 82%.
SPRLHYPE
0.08over 35 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 | SPRL | HYPE |
|---|---|---|
| Max drawdown (400d) | -78.9% | -18.9% |
| Risk-adjusted return (90d) | -0.14 | 0.58 |
Relative strength over 90 days: HYPE outperformed SPRL by 71.5% — measured on the SPRL/HYPE ratio, so it holds regardless of market direction.