Hyperliquid (HYPE) is 1723639.2× the size of WOWswap (WOW) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 32 shared trading days). WOW has been the more volatile of the two, at 146% annualised against HYPE's 81%.
WOWHYPE
0.18over 32 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 | WOW | HYPE |
|---|---|---|
| Max drawdown (400d) | -48.5% | -18.9% |
| Risk-adjusted return (90d) | -0.28 | 0.56 |
Relative strength over 90 days: HYPE outperformed WOW by 38.3% — measured on the WOW/HYPE ratio, so it holds regardless of market direction.