Hyperliquid (HYPE) is 949346.7× the size of VaultBags (VAULT) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 35 shared trading days). VAULT has been the more volatile of the two, at 138% annualised against HYPE's 81%.
VAULTHYPE
0.34over 35 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 | VAULT | HYPE |
|---|---|---|
| Max drawdown (400d) | -65.8% | -18.9% |
| Risk-adjusted return (90d) | -0.48 | 0.56 |
Relative strength over 90 days: HYPE outperformed VAULT by 64.3% — measured on the VAULT/HYPE ratio, so it holds regardless of market direction.