Thales vs Hyperliquid

Hyperliquid (HYPE) is 16100.6× the size of Thales (THALES) by market capitalisation. Over the past 30 days, HYPE is ahead by 22.0 percentage points (THALES -28.1% against HYPE -6.0%). Their daily returns move barely together (correlation 0.10 across 27 shared trading days). Both have run at a similar volatility, around 85% annualised.

Correlation: 0.10
Size ratio: 1 : 16100.6
Ahead over 30 days: HYPE

ThalesTHALES

$0.187102

24h: -0.42%
Market cap: $1.25M
Volume 24h: $46
Volatility (ann.): 88%

HyperliquidHYPE

$84.3200

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

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

Performance

THALESHYPE

7 days-12.97%+4.65%HYPE
30 days-28.06%-6.04%HYPE

Correlation

0.10over 27 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1090d: 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	THALES	HYPE
Max drawdown (400d)	-31.8%	-18.9%
Risk-adjusted return (90d)	-0.33	0.58

Relative strength over 90 days: HYPE outperformed THALES by 32.5% — measured on the THALES/HYPE ratio, so it holds regardless of market direction.

Thales →Hyperliquid →