Hyperliquid (HYPE) is 347330.6× the size of SpookySwap (BOO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.19 across 25 shared trading days). BOO has been the more volatile of the two, at 206% annualised against HYPE's 83%.
BOOHYPE
-0.19over 25 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 | BOO | HYPE |
|---|---|---|
| Max drawdown (400d) | -45.2% | -18.9% |
| Risk-adjusted return (90d) | -0.01 | 0.40 |
Relative strength over 90 days: BOO outperformed HYPE by 12.1% — measured on the BOO/HYPE ratio, so it holds regardless of market direction.