Hyperliquid (HYPE) is 3233325.1× the size of Uranus DEX (URA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 23 shared trading days). Both have run at a similar volatility, around 84% annualised.
URAHYPE
-0.11over 23 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 | URA | HYPE |
|---|---|---|
| Max drawdown (400d) | -26.9% | -18.9% |
| Risk-adjusted return (90d) | -0.24 | 0.56 |
Relative strength over 90 days: HYPE outperformed URA by 16.7% — measured on the URA/HYPE ratio, so it holds regardless of market direction.