Hyperliquid (HYPE) is 329570.8× the size of Vega Protocol (VEGA) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 22 shared trading days). VEGA has been the more volatile of the two, at 228% annualised against HYPE's 81%.
VEGAHYPE
0.20over 22 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 | VEGA | HYPE |
|---|---|---|
| Max drawdown (400d) | -64.3% | -18.9% |
| Risk-adjusted return (90d) | -0.28 | 0.56 |
Relative strength over 90 days: HYPE outperformed VEGA by 59.7% — measured on the VEGA/HYPE ratio, so it holds regardless of market direction.