Squid vs Hyperliquid

Hyperliquid (HYPE) is 2532.1× the size of Squid (QUID) by market capitalisation. Over the past 30 days, HYPE is ahead by 8.5 percentage points (QUID -14.6% against HYPE -6.0%). Their daily returns move loosely together (correlation 0.60 across 46 shared trading days). QUID has been the more volatile of the two, at 99% annualised against HYPE's 82%.

Correlation: 0.60
Size ratio: 1 : 2532.1
Ahead over 30 days: HYPE

SquidQUID

$0.055696

24h: -0.83%
Market cap: $7.97M
Volume 24h: $2.26M
Volatility (ann.): 99%

HyperliquidHYPE

$84.3900

24h: -2.14%
Market cap: $20.19B
Volume 24h: $1.37B
Volatility (ann.): 82%

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

Performance

QUIDHYPE

7 days-1.03%+4.65%HYPE
30 days-14.59%-6.04%HYPE

Correlation

0.60over 46 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7990d: 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	QUID	HYPE
Max drawdown (400d)	-51.2%	-18.9%
Risk-adjusted return (90d)	-0.51	0.58

Relative strength over 90 days: HYPE outperformed QUID by 47.1% — measured on the QUID/HYPE ratio, so it holds regardless of market direction.

Squid →Hyperliquid →