Hyperliquid (HYPE) is 495500.5× the size of WannaSwap (WANNA) by market capitalisation. Their daily returns move very closely together (correlation 0.88 across 23 shared trading days). WANNA has been the more volatile of the two, at 120% annualised against HYPE's 81%.
WANNAHYPE
0.88over 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 | WANNA | HYPE |
|---|---|---|
| Max drawdown (400d) | -13.1% | -18.9% |
| Risk-adjusted return (90d) | 0.77 | 0.56 |
Relative strength over 90 days: WANNA outperformed HYPE by 84.6% — measured on the WANNA/HYPE ratio, so it holds regardless of market direction.