Hyperliquid (HYPE) is 276351.1× the size of Velar (VELAR) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 25 shared trading days). Both have run at a similar volatility, around 86% annualised.
VELARHYPE
0.41over 25 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 | VELAR | HYPE |
|---|---|---|
| Max drawdown (400d) | -31.1% | -18.9% |
| Risk-adjusted return (90d) | -0.33 | 0.56 |
Relative strength over 90 days: HYPE outperformed VELAR by 26.1% — measured on the VELAR/HYPE ratio, so it holds regardless of market direction.