Hyperliquid (HYPE) is 101878.0× the size of StakePoint (SPT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 35 shared trading days). Both have run at a similar volatility, around 78% annualised.
SPTHYPE
-0.15over 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 | SPT | HYPE |
|---|---|---|
| Max drawdown (400d) | -35.4% | -18.9% |
| Risk-adjusted return (90d) | -0.44 | 0.56 |
Relative strength over 90 days: HYPE outperformed SPT by 30.0% — measured on the SPT/HYPE ratio, so it holds regardless of market direction.