Hyperliquid (HYPE) is 1425.4× the size of TronBank (TBK) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.44 across 38 shared trading days). TBK has been the more volatile of the two, at 132% annualised against HYPE's 82%.
TBKHYPE
-0.44over 38 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 | TBK | HYPE |
|---|---|---|
| Max drawdown (400d) | -92.7% | -18.9% |
| Risk-adjusted return (90d) | -0.55 | 0.58 |
Relative strength over 90 days: HYPE outperformed TBK by 56.4% — measured on the TBK/HYPE ratio, so it holds regardless of market direction.