Unchain X vs Hyperliquid

Hyperliquid (HYPE) is 13004.9× the size of Unchain X (UNX) by market capitalisation. Over the past 30 days, HYPE is ahead by 20.6 percentage points (UNX -26.7% against HYPE -6.0%). Their daily returns move barely together (correlation 0.27 across 32 shared trading days). UNX has been the more volatile of the two, at 133% annualised against HYPE's 82%.

Correlation: 0.27
Size ratio: 1 : 13004.9
Ahead over 30 days: HYPE

Unchain XUNX

$0.003727

24h: -0.83%
Market cap: $1.55M
Volume 24h: $18,849
Volatility (ann.): 133%

HyperliquidHYPE

$84.3900

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

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

Performance

UNXHYPE

7 days-8.01%+4.65%HYPE
30 days-26.69%-6.04%HYPE

Correlation

0.27over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2790d: 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	UNX	HYPE
Max drawdown (400d)	-32.0%	-18.9%
Risk-adjusted return (90d)	-0.05	0.58

Relative strength over 90 days: HYPE outperformed UNX by 9.3% — measured on the UNX/HYPE ratio, so it holds regardless of market direction.

Unchain X →Hyperliquid →