Hyperliquid (HYPE) is 9826.0× the size of Tectonic (TONIC) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 33 shared trading days). TONIC has been the more volatile of the two, at 220% annualised against HYPE's 81%.
TONICHYPE
0.10over 33 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 | TONIC | HYPE |
|---|---|---|
| Max drawdown (400d) | -78.9% | -18.9% |
| Risk-adjusted return (90d) | -0.36 | 0.56 |
Relative strength over 90 days: HYPE outperformed TONIC by 78.8% — measured on the TONIC/HYPE ratio, so it holds regardless of market direction.